First, I don't see this really being a CR2 with no more than a possible release date and some vague references to better IQ and a smaller, lighter body. I'd need more detail to get to a CR2. And so many questions raised.
Will improved IQ come from an APS-C sensor? Would they undercut their SLR line that way? I think the current G1 X is around $650 USD -- can a new one be MORE expensive? And if you can now get the EOS-M with a zoom lens for substantially less, what's the incentive to pay more for the G1 X?
Any smaller and it gets into the EOS-M range. With the EOS-M you get a lot more versatility with interchangeable lenses (and APS-C sensor, of course).
G1 X: 4.6 X 3.2 X 2.6 (in)
EOS-M: 4.3 X 2.6 X 1.3 (in)
Would a smaller size come from eliminating the OVF? If they make the LCD a touchscreen, and how would they not at this point, the OVF is probably seen as less useful.
My guess is the swivel screen stays; many who use this camera seem to value that feature.
Given their penchant for video, do they put some variant of the 70D sensor in there and use the same swivel screen? Then, even with a premium price, it's a cheaper version of the 70D.
Well, I guess we only have two weeks or so to wait for the answers.