Hi Dan,
I did not give up m4/3 but I have X10 as my daily camera (and not P&S) ; The reason is ;
1) X10 just look sexy
2) 28-112mm f2 f2.8, there is no such lens in FF, APS-C, m4/3, compact P&S to give this focal length and aperture
3) Needless to mention, CMOS sensor at DR400% is amazing. At beach, I could have lots of detail on the extreme end, the human face and the detail of cloud
4) Can shot in RAW, good noise control up to ISO1,600
5) Lots of button control
6) Fuji color ! accurate WB
7) Fuji intelligent flash (together with ISO and DR settings) is very very good. Fill in flash is accurate and u never have over exposed situation. That eliminate me to carry additional flash unit. Hard to explain if u have to use it and realize the effect.
If you are keen, you can molest my X10 during JBOG Jun112 outing next week.