What beats me is how the Sony 16-55 mm F2.8 can only cost 600 dollars. The aperture has to be physically big. The 30% smaller M43 sensor in the Panasonics and Olympuses should result in smaller lenses for equal fields of view and F-numbers, meaning less material cost, less surface area to polish and inspect etc.
So far, M43 has enjoyed an advantage over Sony because of a greater lens selection, especially in the pancakes section. Panasonic continues to build on that with the interesting 14-42 pancake-storable powerzoom. But Sony’s new sensors seem to be frighteningly good. I don’t know about dynamic range, but at least high ISO performance has seemed very good in tests.
The Panny high grade lenses 12-35 and 35-100 of yet unknown f number (but rumored to be bright) are big and don’t give so much advantage compared to NEX in that regard. If you couple that with an old Panasonic 12 megapixel sensor, it’s possible you’re not that much smaller than a NEX.
You could get around that by using pancake primes. You could also improve the sensor and or processing somewhat. Could Fuji join M43 and bring some kickass sensors? (Are they even bleeding edge anymore? The Sony A77 is rumored to be better than the 5D Mk II in low light) Everybody’s been waiting for that to happen for years…