See, that's where I don't get it; my wife's 4s is the *only* half way 'keepable' phone camera but it is nothing compared to any of canon's entry-level IS cameras.
Most people don't care about quality!!! All they ever do with their photos is post them on FaceSpace. They don't even make 4x6 prints. For these Non-Photo-Enthusiasts a camera phone makes more sense than a Real Camera, 'cause they can post to Social Sites directly from their Smart Phone (no computer needed).
The SX40IS type cameras are super light and get great IQ for the price ...
But you can't make a phone call on them or post to directly to SpaceFace
We're pretty sure this camera's price isn't going to be cheap and nothing is going to be revolutionary on it . . .
I'm not looking for a cheap price! I'm looking for a small/light camera and I'm willing to pay a reasonable amount of money to get it. The M4/3 Olympus OM-D E-M5 sells for $999.00 and there is a waiting list to get them, so it's not just me wanting this type of small/light camera.
Okay, this seems like the first lucid response
So you're expecting the mirror less to surpass even the G-series, while still being compact (which isn't going to be necessarily cheap). That makes sense.
I think once people have kids, their perceptions about image quality change though . . . and $100 P&S take fabulous photos these days.
Don't get me wrong, I've had 2 iPhones, and plan to replace the one I have, but I'm ready to go back to a dedicated phone and just have a PDA (as soon as I can get one with wifi) and with privacy concerns (some places don't like cameras on their visitors) I think we'll see some non-camera choices soon.
Eventually, (some) people will realize that 1 camera, phone and 'computer' means when your phone breaks, your camera does too . . . but that's another topic entirely
Thanks for the explanation about your thoughts on the mirror less; makes more sense (for some people).