Equivalence physics is distinctly not nonsense and we cannot say a word that disputes it. However there is a tendency to put forward that the FF Eq of the M4/3 lens as somehow a negative factor. That 4/3 f2.8 is actually f5.6 equivalent on FF and glory be f5.6 is f11.2 on a FF sensor.
Physics says that this is quite true, and I cannot dispute it, but strangely users of f2.8 seem to get by quite well with their FF equivalent f5.6 lens. Others taking equivalence to heart race off and buy a FF camera body and a f5.6 lens and breathe a sigh of relief.
Users of Mobile Phone Cameras seem quite unfazed about their poor equivalence - in fact many M/3 users are near petrified that Mobile Phone Cameras will rise up and destroy the 4/3 sensor format despite that they are not so good on the equivalence stakes.
This seems a worry on two possible fronts - not equivalent enough for FF and equivalence does not matter for the death march of the Mobile Phone Camera.
It is always harder to be “piggy in the middle” as the 4/3 sensor seems to be. Furthermore does the FF sensor crowd continually genuflect to the Medium Sensor? It seems that only the 4/3 sensor suffers from small-sensor syndrome. And of course we get the factual equivalence theory for breakfast, dinner and supper….
I would argue that if M4/3 does what we need it to do for us that is all that matters.
Accidental test images:
https://www.dpreview.com/forums/post/65636493
I did not set out to make this comparison but realised later that it might be interesting. Three combinations here, two are M4/3 and one is a 51Mp FF sensor on an exotic Canon EF 200/2.0 lens. Compare the EXIF and no doubt there is equivalence involved, perhaps rather less that might be expected? Same show, same cast, same lighting. I have many more that prove that the images were not flukes.
End of story - despite equivalence it is possible get good enough images for purpose with M4/3 gear. The images as displayed on dpreview seem darker than what the originals were on my computer screen.
Here are ten more images all taken with M4/3 gear from the same show. Includes the Olympus 40-150/2.8 and Panasonic 200/2.8 + 1.4x TC. Again the slower FF Eq f-stop does not seem to have been a huge negative to be overcome.
https://www.dpreview.com/forums/post/65634034