I've just picked up that the micro 4/3 sensor is always going to give lesser quality than the larger sensor in an SLR, or am I wrong on that.
All else being equal, yes, a larger sensor will have an advantage over a smaller one. But all else is never, ever equal--different sensor tech, different manufacturers, different pixel densities, different processing engines, different camera bodies with different features, different lenses, etc.
And since you only have the kit lens thus far, I think your money may be better spent on another lens or two, instead of a new body (and another kit lens). For example, Oly's 12mm f2.0 lens is generally well regarded, and the 12mm (24mm full frame equiv.) focal length would be well suited for landscapes and architecture.
And IMO 720p video is fine for most hobbyists and/or folks just starting out. It's not until you get to the point where you're willing to spend upwards of $5,000 on your rig (and another $5,000 on your editing suite) that 1080p is worth it.
My 2¢ - Mark