In what could be one of the most interesting announcements for serious compact cameras, Olympus and Panasonic have announced their new Micro Four Thirds standard.

This is a new mirror less format for the current 4/3 sensors, it reduces the flange back length, implements a new micro four thirds mount and adds additional contacts required for future lenses.
Due to the reduced flange back means it is possible to design very compact cameras with interchangeable lenses. The long awaited EVIL (Electronic Viewfinder, Interchangeable Lens) camera is in reach now.

The good news for current Olympus owners is that it will be possible to keep using the existing lenses on the new cameras using a converter (this will increase the size considerably though).

You can read more about it here.