This body looks like a great deal for the price. The problem is that it doesn't have a solid go-to lens in the standard 35-50mm equivalent range for an APS-C sensor. A solid 24mm or 35mm f/2 for under $500 would make this a lot more competitive with the M4/3 offerings coming out. But Canon doesn't have one. This is where dedicated lenses make sense. This is why Fuji's X100s has a dedicated prime. I'd rather have one great non-removable 35mm equivalent lens... than a choice of 2nd rate lenses or over-priced and/or oversized lenses. And rocking a huge lens on an SL1 defeats the purpose of getting a small camera in the first place.
Quite so. If you want a small camera and can put up with an electronic viewfinder (or none at all), micro 4/3 makes more sense with their range of superb small fast primes and very good zooms (e.g. to my surprise/dismay/delight, the Olympus 45 f1.8 - which weighs all of 4 oz - on my Olympus OMD makes sharper images than the Canon equivalent (85mm f/1. on my 6D; the Olympus 75 f/1.8 is better still).