Sephirotic: i've missed and always wanted something like this for years now. A intermediary sensor betwen APS-C and 2/2.3 with compact body, fixed quality clear lens (altough i would expect a little bit extra zoom) for years.
But the only reason i wanted one of these, as a backup to my DSL, would be, apart from the size, for the reduced price. At 650USD this becomes pointless to me. i'd rather have a 2/3 sensor and a tid bit more of zoom (5x) for 500usd. 650 USD is coming close to my my GH2, with hardly half the quality of it. I'd rather buy a GF3 for less than 400 usd.
Also, 20mpx? less than 1.5dot pix? That's even smaller than regular high quality 12mpx compact! What's the point of making the big sensor then? Bokeh? Hardly. Come on sony, you never learn? All the other companies STOPPED bumping megapixels in small sensors. Why won´t you?
Actually, you are wrong. The Sony sensor has almost three times the surface area of the Canon. So the individual pixels are bigger.