Looks like the marketing department was driven to create the "Worlds Something-est Something," and they went for 'smallest with interchangeable lenses.' I'd rather they aimed for "World's Best Something Practical."
I can't see a huge audience for this. The kinds of people who would most value interchangeable lenses in a micro-compact camera are also the ones who know most about how a larger sensor enables more variety and control over imagemaking. I've tried the Canon S90 and the Panny LX3, and sold each quite quickly because i don't like OneSizeFitsAll DOF. They were both great cameras, for what they do. I suppose if i went to a lot of parties and needed to 'preserve' those types of memories, a little snapshooter would be more useful. But, again - why the lens mount?
What does interest me is the 'bokeh filter.' I can't believe it will actually be something i'd want to use, but i'm curious to know how it's designed and implemented. I'm imagining the effect will be something like vaseline smeared on an optical filter. A clear center spot and then maybe some gradual blurring out to the edges? Maybe as cute as a Holga effect. But, then, it only works in JPEG mode, so...another miss.
Someone said it on TheOnlinePhotographer: Why isn't someone designing a full-frame camera the size of an Olympus OM or Nikon FE2? With an equally impressive optical viewfinder? I'm shocked, with Leica's M8/9 demonstrating that there's a market for a pro-build, very small but still completely capable camera, that Nikon and Canon haven't done it. An "EOS 2" — same sensor and specs as a 5DMkII, maybe.... That's the useful sort of 'miniaturization.' Not smallness just for the sake of smallness. Okay, Pentax. You own the market on this thing. Nice.