Agree .. IF FMF and MFT were the same size/weight it would be a moot point. Fact is they are not. Prices probably reflect the relative difficulty of making a slightly smaller precision object than a larger one AND the number of similar ones made so far. How many 45-50mm f1.8 lenses have been made so far - 100 million? They are all cheap.
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That "more materials is better value" argument that some (not necessarily you) present here from time to time is garbage. On THAT flimsy basis an F150 is a "better vehicle" than a Ferrari.
The even smaller cams you mentioned give up too much, but are still better than phones. An FMF kit is a bit too far the other way for many. It is balance and with MFT you can carry a fair bit of good picture making gear without a mule.
Look at the preceding pics. MUCH less likely I could have moved between the shooting positions before or after this shot, lugging heavy gear. It is that simple
Shortly after this. Then ...
This ... The FMF shooters got staid looking pics at least partly due to their lack of mobility.
Getting a quality pic is better than arguing about maths.
MFT is a very good quality/size compromise for those on the move, but with an eye for quality.. If I shot mostly studio, I would have an FMF kit with Zeiss lenses and a SMALLER MFT kit.
Similarly, if you have lots of space/luggage allowance and don't mind your shooting position being hampered by sometimes very large gear, don't let me stop you (not that I am trying).
I AM trying to point out that this particular compromise (and ALL formats are compromises) is a very versatile one
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Well designed gear performs better for longer than well marketed gear.
Odd that people complain a lens is not sharp enough,
and then proceed to make pics where 95% is OOF ..
General Pics:
http://photohounds.smugmug.com/
Oly and other .. Gear test samples - even RB-67!:
http://photohounds.smugmug.com/Gear-tests
How DO OMDs cope with dim-light action and smoke?
http://photohounds.smugmug.com/Performing-arts