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
This would without doubt be a very cute camera and lens set, but would you buy it in comparison to what Sony has made with APS-C, I think the smaller sensor could make a great G11 killer P6000 replacement with app 3-4 power zoom
And BTW thanks again for your Apology, the Pro Flash is next