Yes, the new Oly micro 4/3 will be tempting as an ideal crossover catch-all system! Of course it will be at least close to dSLR prices, even though the mirror box is missing, so there still will be a price advantage for compacts.
To clarify something that was apparently hotly discussed a while ago (I wasn't around a while, too busy being a corporate slave until I lost that job):
There are those typical "say cheese" smile pics that too many people take. Flash in face, silly faces, memories of people for people. No great photography, the value is in its personal value, but please don't bore every visitor with those albums! Those snapshots can never justify a major camera expense, just take the compact and be happy, save the money you spend on more camera for another party cake or another beer kegg (aka barrel) instead, and you'll get more happy "say cheese" pics for your facebook page or that album you use to torture vistors through an evening!
Did I watch too many Jerry Lewis and Three Stooges movies growing up? Why is it that so many here had a problem with my entirely over the top comments about all those millions of bad pictures that would make waste of an expensive dSLR?
Just imagine a funny commercial with bad photographers, actually catering to those same photographers by offering a low cost compact?
I bet they would be the FIRST people to "get it" and say "hey, I don't do art, I want to do that baby pic, give me that little camera!"
Then there is that attempt and maybe even success at more.
A compact used with care can CERTAINLY yield impressive results, and my little Panasonic/Leica DMC LC40 delivered pictures with such ease and quality when I bought it 5 years ago (it is STILL in use, unlike my film cams), that it blew my affection for the expense of 35mm film away, and left only my tender love for my 30 year old Ricoh KR-5 SLR I bought as a teen.
Now, if one is very serious about making more than above mentioned torture album shots, one CAN do it with a compact.
Just remember that Leica started as a dinky little belittled thing back then, the first successful models in a new breed of smaller format film cameras using the "lesser" 35mm film, but became a legend in the hands of capable photographers.
Today's compacts are just like history's first little 35mm Leicas.
But unlike those Leicas, digital compacts are truly affordable for average Joe and Jane Doe - but the more serious photographer may want to opt for the larger bulk of a "modern medium format TLR" equivalent - the digital SLR based on the old 35mm SLR format - because it can get a shot under more challenging conditions, when a compact becomes a real gamble - even at the cost of lugging more and needing a LOT of determination to carry the beast with you every day not to miss anything
And for those without a computer - I am seeing digital frames coming down a lot, and they will soon be a viable alternative to paper albums - not yet, but they are getting there.
Low budget, or carry around - go compact!
My own favs so far: Fuji F40/45, or Canon S3 or S5 or SX100-IS.
The Fuji F45 I had for a while, but being used to my dSLR, I couldn't quite hold it right - nice pics though! I still liked the handling and form factor of my old Panasonic LC40 better, so returned the Fuji.
And for dSLR: doing it over, I'd be torn between Oly 4/3, Canon, and Nikon. BUT with the new micro 4/3 coming out - hmmmm .... they may corner the market yet, with a great compromise for only slightly reduced image quality compared to Canon's CMOS chips, but with far less bulk, and neat preview