How do you carry your MFT?

I carry my Sony NEX 5 in a padded case slung across my body so it rests on my hip. I find this comfortable and secure and it doesn't get in the way. I use a wide strap to spread the load across my shoulders. I used to carry a much bigger and heavier DSLR like this too – and still do when I take two cameras.

I carry my GF2 on my chest in a micro four-thirds specific top loading Lowepro case attached to the d-rings on my shoulder straps. This avoids the camera being worn across my neck and the weight of the camera is indistinguishable. If you're interested the case I found for my GF2 is the Lowepro Compact ILC Courier 80, its slim and very miniscule in size, has a simple top zipper and Velcro flap lid, with 2 small d-rings on the top of each side. The interior is padded with enough room to carry the kit lens on the body or a pancake lens and one additional lens. The case is also what I use when I carry the GF2 out and about across my shoulder.

Do you have to pull the camera back over your arm/work your arm back under the strap when you want to get a picture?

I carry my GF1 with the 20mm lens and the EVF in a small waist pack worn on the front of my waist. I use a neoprene wrist strap. Access is easy, and other small items fit in the front pocket. I got the waist pack for <$10 at Walmart.

Spare batteries and cards go in my ditty bag carried inside my pack. I usually bring a Gorillapod in the back pocket of my pack, for dusk and dawn photos. I rarely bring a second lens.

"Do you have to pull the camera back over your arm/work your arm back under the strap when you want to get a picture?"

No, the camera strap isn't in use so I can just take the camera out of the pouch.

I don't own one, but these look promising, if they are big enough for your set up. I am planning on switching from 35mm to a 4/3 later this year and will look at getting one of these.

http://www.blackrapid.com/product/camera-strap/snapr35/