Bit of a long post so be warned
Eagerly awaiting my E-M5 delivery on Tuesday and I just sold 14-35mm today.
Figured I was really not using it enough to justify having it around and besides I really don't want to carry my DSLR around for casual photography.
14-35 felt underused next to 7-14 and 35-100mm for weddings and besides this will give me a nice opportunity to check how m43 performs for that task.
I have high hopes for it because my experience so far has been very positive. I really like faster and more accurate autofocus compared to 43rds, especially face detection and exposure based by metering off face on m43.
Also, ability to use tiltable LCD with live view which is as fast as it gets is infinitely more usable than DSLR style live view.
Anyway back to the topic title:
I can't get away from the impression that m43 is actually what 43rds was supposed to be - small, compact and high performing system.
This idea got lost along the way with regular 43rds and after using last generation Pen and E-M5 the cameras simply seem like natural step in camera evolution.
43rds was always fighting an uphill battle as it's size was never that much smaller than cameras with larger sensors and it always had inferior autofocus and low light performance.
Now, (m)43 sensors are pretty much "good enough" and micro is significantly more portable and compact compared to alternatives.
While 43rds DSLRs were never great at AF, Olympus m43 offerings simply put them to shame especially in less than ideal light to the point where you're feeling your DSLR gear is overpriced for the performance offered.
Of course, some say that lenses can't be much smaller, but I think they actually can as 43rds teles while great are over engineered.
This is quite noticeable with lenses such as 300mm f2.8 being the biggest and heaviest lens of such focal length/aperture specs on the market.
I hope we'll see 300mm f4 lenses for m43 soon, those would be nice and small, probably under 1kg.
The only thing m43 is lacking at the moment is fast(er) zooms, but I have no doubt those are coming.
I'd love to see 12-50(60)mm f2.8-3.5(4).
m43 doesn't need f2.8 or faster zooms since prime lens offering is great and it would just add too much size and bulk to the concept.
As for 43rds - sure, we're preobably going to see new 43rds body, possibly even this year (Photokina), but I'm pretty sure no new lenses or updates to current lenses as Olympus seems pretty focused only on m43 since it's bringing them a lot of cash.
Sure, everyone would love to see 35-100mm SWD, 300mm SWD and more affordable long teles, but unless something extraordinary happens, we're not getting it.
Of course, 43rds lenses are legendary and the best lenses I've ever used, especially among zooms, but m43 ones are catching up very fast while costing less and being only a fraction of the size.
I was very impressed with Samyang/Rokinon 7.5mm fisheye and I think it's optically better than ZD 8mm, Panasonic Leica 25mm 1.4 DG is also awesome and tiny 20mm 1.7 is very good lens too, easily on par with 14-54 or 12-60mm. Also, 45mm 1.8 is wonderful with creamy bokeh and excellent sharpness.
75-300mm surprised me as well, being very compact for such large focal length and it's better than old ZD 70-300mm both at autofocus and optically.
So, at the end - it is the future (at least for now)