James - yes, as is the case with all digital viewfinders. And yes, the shutter curtain does cycle that way in the M43 system.

DSLR's have been going mirrorless, to some extent, with sony's SLT. While it does have one transparent mirror, there is no series of reflecting mirrors, and the one in is only there for AF, not viewfinder.

A CSC camera such as M43, already IS a DSLR without the mirror. For more fully featured and functional camera bodies, look at the Oly EP3 or the Sony NEX-7, which are meant to be functional much like pro-APS body DSLR's.

PJ - why do you think Nikons entry now places the otus on Canon?

Anyway, I'd be delighted to hear of Canon entering into the market on the Micro 4/3rd mount. I only wish, it would be awesome for the consumer. I thought about it the other day, canon placing an entry into the market on the M43 system. Still, not going to happen though. Though I do think it is likely Canon will enter the CSC category, it wont be as an M43 partner.