If its a small form factor + PDAF + ibis + WR, maybe range finder style. Would be an instant buy for me.
Well, this almost throws a monkey wrench in my acquisition of the Pentax K-1 II... When the OM-1 came out, I said the next EM5 model would likely be a pretty great upgrade. But I'm definitely not buying two new cameras this year... I can wait, though. If it's a good body then it will be a nice eventual upgrade for the EM5II, in a year or two. It'll be interesting to see how OM Digital addresses the midrange, compact model after taking in their top-shelf effort with the OM-1. Interesting that they said in the article that it won't be a direct replacement of the EM5 III, but I suspect that just means they won't immediately phase out the current model, and will set different price points to differentiate.
Like a better Pen F or something.
But it needs to be smaller than an XT-3 to be worth it.