I was really excited when I heard about this system, until I heard it was coming from Sony. For a company with so much vision, such great sense of style and such a formidable R&D budget, it's shocking how much they can miss the mark sometimes. My overall impression of Sony has always been that they sell their audiences short. I couldn't be trusted to boost saturation and sharpness on my own so Sony does it for me. I wouldn't want to mess with a pesky manual override, so Sony puts it all on automatic. I couldn't possibly figure out how to shoot a challenging scene, so Sony picks the scene mode. Add to that all of their proprietary technology shenanigans, and you usually get a product that's not for me.
So it's funny when this recent surge of interest in the "serious rangefinder" body style and sensibility is seized upon by a company like Sony, and then twisted in a different direction. So you take a movement that's been started and clamored for by enthusiasts and camera lovers, and you try your hardest to turn it into an entry-level consumer camera for newbies. And of course, you end up with a camera that doesn't really serve either segment terribly well.
The same is happening with their DSLR lines. They're trying desperately to tank prices on their DSLRs in order to gain some market share in that arena. They do all the right things glass-wise by partnering with Zeiss, but the end result is just not a great camera, and they can't give them away.
But I hope they work through it, because as Amin says, the implications could be tremendous. In my opinion, the sensors on the GF, GH and PEN cameras are just too small in relation to their relative body sizes. An APS-C sensor in that size camera however would really be something.