This is the best analysis I've encountered so far:
http://www.imaging-resource.com/NEWS/1217960634.html
I learned quite a bit from the writeup, including strong assertions that the system lenses will be remarkably small (possibly along the lines of the difference between rangefinder versus slr lenses). Of particular interest is the observation that since the shift from CCDs to NMOS sensors, a perpendicular light path is far less critical in digicam design.
So what? It could mean this system won't have to rely on retrofocus wide angle lenses (a hard rule with SLRs since their invention) unleashing designers to use classic, symmetrical lens designs (Elmerit, Biogon, etc.), as well as zooms with rear elements that can intrude well into the body. The existing four-thirds standard is quite rigid about completely telecentric lens design, this new standard, not at all.
Franco's right about the silly kerfuffle occuring among a number of DPR readers, many of whom are taking this as a sign of the apocalypse, with Oly abandoning the slr market to chase new, tiny, unserious cameras. I prefer a more sanguine viewpoint that finally, someone has emerged from the "me too" woods with a fresh digital camera concept that can ultimately be of huge be of huge benefit to the lightweight backpacking serious photographer.
All this, of course, without having seen a single bit of hardware :-)