Olympus continues to march to the beat of its own drummer. I was dubious about the 4/3 format when it came out, and have been every since. Nothing that I've yet seen has convinced me otherwise. Their Pro bodies using this format are no smaller than top-of-the line reduced frame DSLRs, and while Olympus lenses are generally just about as good as it gets, they are expensive and not all that much smaller either. I don't see the just-released E-3 as a convincing follow-up to the E1, even after a 4 year hiatus.
Olympus' consumer grade DSLRs have a lot of appeal, but their smaller sensor will continue to be its Achilles Heel and will prevent them from being able to be competitive in the high end, as full frame sensors continue to drop in price and increase in resolution. It's like the difference between medium format and 35mm. Size matters, and in digital as with film size has clear advantages.