For me, it is a joy to see that there is something close to a rangefinder camera with all the conveniences of a PNS camera for the family use, as well as video capabilities. I don't know about what the others feel, but I think Olympus have a winning formula here.
For the regular hobbyist, this camera can yield (hopefully) a high quality image.
Not sure about the video capabilities as yet, but from just looking at the Panasonic LX3 (let's not even think GH1, which is bloody amazing) the video should be something that can get me personally excited. I am even planning to shoot a music video with the E-P1 when it is finally out just to see how far can I push the DSMC concept cameras to compete with regular video cameras. I am sure there are limitations, but what if, the E-P1 is enough to yield the regular resolution (720p, no need for 1080p since most video clips are pretty much shared online and 720p is still considered HD) and colors and the depth of field needed as a simple to operate (and handle) video camera? Will there be an additional port for external microphone input for the E-P1? That would increase the audio quality of the camera (with a hotshoe mounting bracket for the microphone)... the imagination can kill me with excitement.
Art filters are coming, and I believe the entry level camera will have limited art filters like the E-450 while the pro body launching at the end of the year will see all 6 Art Filters implemented or even more.
Lenses... I got my 17mm, and what is now lacking is the 10mm that I have always wanted. (I am a wide angle freak if you guys don't already know. For me, standard lens FOV is 35mm on 135 format, and a wide angle is 20mm on 135 format for me). Trust me, the 17mm will be amazing to use as a walkaround prime, and maybe I am going to be heading back to primes because of the 17mm... (I have waited for 1 1/2 years for this lens). Two separate systems for two different style of shooting... this is getting too bloody exciting... I need some pills for the heart...
After which, a big aperture 25mm to add to the collection for shallow DOF. (just to compliment the video capabilities). Stills is really not required as I can always create fake shallow bokehs in post processing.
As for the DSMC format, if I can develop an accessory for the DSMC cameras, I would design an adapter which has zoom function (zoom motor) built into the adapter so that I can use the zoom lens on it and achieve a "smooth zoom" like how it works on a regular video camera.
So many ideas and inspirations from the E-P1...
One more week...