To me, one of the defining characteristics of a mirrorless ILC--like the Panasonic Lumix DMC-GF3 or Olympus PEN E-P3, just to name two recent ones--aside from the interchangeable lens, is that it produces better photos than a point and shoot. As far as I can tell, people see the lens flexibility as a bonus, but for the extra couple hundred dollars they want better photos.
Which is why I'm confused by the trend toward even smaller sensor sizes in this space as evidenced by Pentax's Q with its 5.5x multiplier and the rumored forthcoming 2.7x-multiplier size from Nikon. (As an aside, I find the easiest way to internalize differences in sensor sizes is by the multipliers and assume that pixels shrink correspondingly. For a comprehensive visualization, check out this Sensor Size Cheat Sheet.)
Some people complain that even the Four Thirds sensor (2x), which uses the Micro Four Thirds mount in Panasonic and Olympus' ILCs, is too small. … Read more