I guess I would add my thoughts as I started it... much as I love using a CSC for me it replaces a compact rather than a DSLR. I have been through a number of models in my quest to find the perfect take everywhere camera (and I don't think one exists yet). I started with Panasonics and was very impressed with them, had the G1 which was a great little camera but was slow and not all that small. Then added a GF1 with the 20mm f1.7 lens, this was a superb set up which I used a lot on days out with the family. Then chopped in my G1 for a G3 which was a vast improvement, much faster AF, better noise handling and better screen/EVF. I coupled it with the Panasonic 100-300 in the hope that it could compete with the 100-400 on a Canon body. In good light the Panasonic did really well and could deliver superb results and all in a package that weighed in at less than a third of the Canon set up. However when the light dropped so did the AF performance of the Panasonic, on occassions it would just hunt and hunt without ever locking on where the Canon was still snapping into focus.
Decided that it wasn't going to replace my Canon so sold it to try the Nikon 1. I had heard this was great for digiscoping (taking photos through a telescope) and it was a very small package. I went for the twin lens kit and initial impressions were OK but not great. Testing it further there were numerour problems/irritations. Firstly the fact that if you dialed in any EV comp it didn't show on the screen, what is the point of shooting with an LCD if it doesn't simulate the actual results? Also the video on the camera was hopeless in most situations (only any good in broad daylight) and I like being able to grab video of the kids. But the biggest issue I had was the image quality, the small senser (it is much smaller than most other CSCs) gave very digital looking results which were nowhere near what I got from a crop DSLR in quality. SO the Nikon had to go.
Went back to m43s in the shape of an Olympus EPM1 which was a shocker of the camera and ended up getting returned. I can only assume that I had a faulty camera - while Olympus claimed it was within acceptable range the retailer agreed with me that it wasn't. So I went back to a Panasonic, this time going for a GX1 with the power zoom and a GF5 with the Olympus 45 f1.8. I was much happier with this set up. The power zoom is very compact and works well for a kit lens and the 45 is simply stunning especially for the price. By this time I had realised that trying to get a CSC to shot at the long end (I love bird photography) wasn't going to work for me so was sticking to using the cameras for family days out. I should have been satisfied with this as both cameras and lenses were performing very well. But then...
I got offered a Canon EOS M at a good price and failed to resist it (I had been interested in the camera since it came out but it seemed over priced). So picked up the M with the kit lens (which is fairly bulky) and also the cheap and cheerful 22mm f2 pancake lens. Instantly loved the M, probably because the menu system is so familiar to me as a Canon user but also becaue of the results. The AF is fast and accurate (apparently it wasn't to begin with but a firmware fix cured it) and using the touch screen to select a focus point makes grabbing shots very easy. The image quality is superb as I would expect given that it shares a senser and processer with the 650D DSLR and high ISO noise is not an issue at all. Coupled with the the 22mm it is a very portable camera. I got hold of a Panasonic 20mm f1.7 lens to compare it to as this is one of the most loved lenses on m43s and was surprised to find how much better the Canon was. The AF is much swifter and the resulting images were slighty better too. I also like the fact that with the adpater I can use the M on my Canon EF lenses, it has worked well on all the ones I have tried. The AF system will even AF with set ups that a DSLR wouldn't (such as an f4 lens with a 2x), it is much better AF than the LiveView AF on any Canon that I have tried.
Along the way I have also tried a coulpe of other Olympus models - the EP1 is a classic but I find Olympus menus annoying to navigate. I have heard great things about the newest models but have not tried them myself. I also tried a Sony NEX in the early days but didn't get on with it.
In my opinion I haven't found a CSC that can really cut it for action photography so for my uses it cannot replace a DSLR yet. However I do prefer to take a small camera out with me on casual days out and as such I found that both m43s and the EOS M work very well. I suspect that the m43s with it's wider range of native lenses should be first choice but I do have a soft sport for the EOS M. For landscapes, street photography and general days out these cameras really can deliver the results.
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