I'm not that impressed. Other than the pancake lenses, the zooms still look massive. As great as the ISO performance is, the lenses are still big.
You don't like any new camera and you don't take your D40 anywhere because it's too "bulky" and your afraid it'll get stolen?!? I'm beginning to think you don't have ANY cameras NSX.
The reason Sony had to make new lenses is because the distance from the back of the lens to the sensor is so much smaller. It's (e)ighteen millimeters, hence the name "E" mount. The overall size is bigger than the Olympus and Panasonic EVIL cameras because, as others have pointed out, of the larger sensor.
Nikon has patents on lenses that would use a sensor about the size of old 110 film. Slightly smaller than m4/3rds. So if Nikon takes those patents into production then they will have very small lenses on a small camera but with a small sensor too. Even the old 110 film was pretty noisy when you'd make enlargements so I'm not thrilled of the idea of such a small digital sensor. Think COOLPIX, think typical point&shoot :^(
And it might not have alot of megapixels. Notice how the m4/3rd cameras are all pretty much "just" 12mp. But if Nikon works it's magic and gets awesome image quality then we will see how things fall into place.
Here's a list of the lenses with a 2.5X crop that Nikon has patents on.
32 mm f/1.2
9-42.6mm f/2.8 – 5.6
10.5-107mm f/2.8 – 5.9