Sounds like a great little camera for $699 with the 14-42 II kit zoom lens. The in-body Image Stabilization is 3-axis instead of the 5-axis system in the M-1 and M-5 cameras, and it's not weatherproofed. Olympus also announced a new 25 f1.8 lens.
There's a hands-on preview over on DPReview.
