It seems like an interesting concept, but I think it's success will depend on how well the contrast detection autofocus works. If they can spend sometime perfecting it to make it accurate and fast, and keep the cost of the camera at a reasonable level it could all but kill off the bridge camera - and at the same time make a sizeable dent in the top end compact market.
The idea certainly has potential - it's now just down to the finesse and refinement of the technology behind it. Only time will tell.
I can't see Olympus dropping support for the 4/3s - someone has clearly spotted a gap in the market and had a great idea.
I was reminded of my l'il ol' Olympus XA2 when I saw the images this morning