I quite agree, not that I think that Canon are going to do anything too radical in 2012, they're far too big and conservative for that! All the camera makers (especially those without 'phone divisions) are desperately trying to figure out "what now" in the lower end of the market with cameraphones reaching the point where there will no longer be a market for seperate compact cameras .
Personally I think the correct response is just to focus more on the higher end market, P&S photography has just been devalued by mobile phones the same way CD's have been devalued by MP3's. The best way to exploit that shift is IMHO to play off the fact that more people taking pics means more will also look to get serious about it.
Nikon's '1' system is an attempt to answer that question, but I'm struggling to see who they're trying to attract with that system because it's so expensive. To be fair, who am I to question their decision, it's their money and they've obviously done the market research which must suggest that there are a lot of consumers who want a smaller interchangeable lens camera than either DSLRs or any of the previous 'compact system cameras' provided.
[Have we actually agreed an 'official' acronym for these cameras yet?!!!!]
To me the Nikon's while they contain some interesting new tech were really designed(and maybe even priced) more to avoid taking sales from DSLR's than comsumer demand. Sales really don't seem that impressive going from Amazon either considering Nikon's strong fanbase are likely to buy early.
Everyone's now waiting to see Canon's response; I'm not sure what we'll see -it could just be more (possibly smaller) 'Rebels'. I think that this would be a mistake, not because I believe there is currently a huge market to be tapped for 'CSCs', but because I think that a lot of the technology incorporated in them is the future (for example: EVFs, on-chip phase detect AF); Canon needs to start getting more experience implementing these technologies in stills cameras. The next Rebel may be the last of the old order as the whole of Canon's lower end line-up is starting to look a little under specified and compared to the competition.
Personally I still think that the largest unexploited mirrorless market at the moment is something along the lines of the rumorued Fuji system, rangefinderish body with a selection of small primes.
If Canon do stick to DSLR's then I'd say looking to make some smaller high end bodies might be a good ideal with the Fuji and NEX7 around.