I dont think we disagree about the noise performance if we say it is about two stops, give or take. I jumped in and read your statement about the smaller sensor having no noise penalty, but obviously you did not mean at the same F stops.
If you'd read my point 1:
It is total light captured in an image which ultimately determines the image noise, not the exposure or size of the sensor. This means that a small sensor can produce images with the same noise characteristics as a larger sensor so long as it receives the same total light.
and 2:
To provide the same total light for the same shutter speed lenses with smaller sensor systems need the same aperture for the same angle of view, which means lower f-numbers, given that the FL for a given angle of view will be shorter.
You'd have seen that was exactly what I was saying in the first place.
And yes, Olympus never had any large impact on the pro market even with OM-system (except forcing Nikon to make the compact FM/FE series that were quite popular among pros). But the current lag in low light ability of the Oly system vs FF and 1.3x cameras is makes even more difficult for those that want to use Oly for pro use. No editor is interested in explanations why you cant get the shot the competing photographers can.
and in point 3:
I said Provision of lower f-numbers is not a technical problem, since the lens diameter will be no more than that for the larger sensor system, and given that the length will be reduce, there is a net saving in size.
As an example, a 35-100/1.4 on a FT will get the same shots as a 70-200/2 on a FF. In fact, the 35-100/2 really is a 35-100/1.4 - only Olympus won't let it open up all the way, maybe because its wide-open optical performance isn't what they'd want. The departed sergeant-major always used to claim there was a trick to make it open to f/1.6 or so, which would get the same shot as an f/3.2 on FF. The problem it is designed by tacking a 2x wide converter onto the back of a 70-200/2.8, so it's actuallly larger, heavier and more expensive than the competing FF lenses, offering the system no advantages in shot gettability. Had it been directly designed as a 35-100/1.4 it would have been as fat as the FF lenses but quite a bit shorter and probably lighter, and would have offered a distinct advantage in shot gettability, since no editor is interested in explanations why a lens was too big and heavy for your baggage. On the other hand, it would have cost Olympus a great deal more to develop, and they may never have recouped that cost, given their agreed low penetration in the digital market. After the rapturous reception that the E-1 got, Olympus could have gone for it and made the system it needed to give it a chance in the PJ market, but they chose caution instead, probably for the best - they could have bust the company if they put that investment in and it hadn't come off.