Perhaps the clearest indication yet that Canon intends to enter the 'EVIL' market?
The G series has a strong following because despite its high price it's still a compact camera with good image quality. I have the NEX5 and two friends with G12s, they're both pretty similar up to about 400Iso where the NEX really does show the benefit of a larger sensor.
But the biggest problem with larger sensors is that of the bigger the sensor, the (physically) bigger the lens you need, so the lens on the NEX is as big as a DSLR lens even if the body isn't, the Nikon V1 can get away with something in between, but it's still pretty big, so I do wonder where Canon will pitch this.
I hope that Canon won't make a copy of the Nikon V1 / J1 which has been met with dismay by most photographers, but they do seem to have this habit of following when Nikon launch something new.
It would be a shame to see the quality compact line ended simply because of the cost comparator with an entry level DSLR, it has its own market niche without much competition, to find this niche with even less competition would be dissappointing.