To me the smaller formats like m43 is somewhat like using a superzoom lens. Convinient, but does nothing excellent. Soon you get tired of that. Personally I rather have superb performance in the range I use most - 24, 28, 35, 50, 85 - than have a huge range, but with less good results.It's not just the body weight, but the lens weight and size. Case in point is the 14-150 f/4-5.6 superzoom I bought with the EM-1. The full frame equivalent for Nikon would be the 28-300mm f/3.5-5.6 ED VR. It weighs 28.2 ounces (800g). The 14-150 u4/3rds lens from Olympus weighs 9.7 ounces (260g.)
In focal lengths 24-85, there are many compact options for a FF Nikon, including AI/AIS lenses.
Similarly, the Nikkor 24-70 f/2.8, which is my go-to lens on the D600, weighs nearly 2 pounds (31.7oz.) The Olympus 12-40 f/2.8 I have on order weights 13.7 ounces.
There have been efforts to shrink full frame lenses, but there's only so much you can do, given the physics of the situation. Fast, full frame zooms are hefty beasts. Lenses designed for APS-C sized sensors are somewhat lighter. The Nikon 18-200 f/3.5-5.6 weights 19.8 ounces - less than the 28 ounces of the 28-300mm full frame equivalent, but still double the weight of the nearest Olympus equivalent.
Yes, I'm glossing over issues like differences in depth of field, but shallow DoF is only one aspect of photography.