Would make a good companion for the 40 pancake lens, but not many other lenses. Most would feel too big (just like most of those goofy four thirds systems, where the lenses are taller than the camera bodies). Also, EVF viewfinder would be an instant deal breaker for me - I hate those things and would not even use one on a point and shoot.
But, throw in an optical viewfinder and introduce one or two more pancake lenses, and it could be a great high quality point and shoot camera.