Interestingly, the E4XX and E6X0 series and kit lenses are close in size to m4/3rds bodies and lenses. If Oly has actually followed their vision, it probably would have worked.
There may be an argument that the registration distance is too great to make truly small lenses ... especially as that is the main difference between 4/3rds and m4/3rds.
If you look at Fuji's mirrorless 'pro' camera, they have a tiny registration distance and still talk of the telecentricity of their lenses. They have a bigger sensor and tiny lenses for what they do.