When I look at the M4/3 mount, I wonder why it has such a large diameter. The new Leica 25mm f1.4 lens is mostly plastic, only the centre of the lens is glass.
The Panasonic 20mm f1.7 is an even better example of this:
Compare this to the Nikon 50mm f1.4. The glass fills the lens:
Why didn't they go with a smaller diameter mount which would have allowed smaller cameras to look more balanced than they do now:
http://www.dpreview.com/news/1106/11061310panasonicGF3preview.asp
On choosing a lens mount standard...small-ness must be balanced with other needs.
To me, the obvious fact is that both reducing the size of the image circle and eliminating the need to project rays past a no-longer-needed mirrorbox can allow you to reduce lens elements diameters. Yay. But the same reduction in scale cannot be said of the focusing components--the size of which is goverened less by optical formulas, and more by electro-mechanical characteristics. That's the obvious one.
Then...there are, I suspect, quite a few considerations they must take into account, the balance of which I suspect are largely ignored by us end users. But I can definitely speculate on some important aspects.
For instance, The lenses you happen to be comparing are relatively simple ASPH-enhanced lenses, which eliminates the need for that large front element that you are so used to seeing on DSLR-designed lenses. While some lenses can take very good advantage of modestly retro-focal designs, other (wider) lenses will still need to be somewhat retrofocally-severe, which would necessitate the large front elements you are so used to seeing. On the m4/3 mount, you'll see more pancake-ish lenses, around the normal focal lenghts, taking advantage of small/few lens groups, & no need for that large front element. But a system will certainly include
some lenses that require those large elements (read: 7-14mm UWA). Shall you buid your standard around a diameter that works well at normal focal lengths, but is somewhat lacking at wide angle? Engineers would want to cover all of the system, not just the "smallest of them."
Then there's the structural consideration. Yes, you could hang 8lbs of legacy 4/3 lens off your pen mount & still autofocus a picture. The structural integrity of your mount is directly related to its diameter. This is why thin-walled structural elements are designed with wide diameters (think of OCLV carbon-fiber structural elements). If you had designed your mount to significantly smaller diameters, but had not beefed up the mount itself, you could exceed the structural properties of the mount itself.
That's just two off the top of my head.
It never occurred to me that some folks would actually think of the m4/3 lenses as "big" compared to other lenses.