...but as for focussing -- you do it with the viewfinder, not the LCD, like any manual focus.
I believe the idea behind the micro-4/3rd's format is to dispense with the optical viewfinder altogether, while permitting the APS-sized sensor in a smaller body size, with interchangeable lenses using a different lens-mount format; at least that's what the micro-4/3rd's website says.
So there's no optical viewfinder with which to focus through. You have to use a "camcorder-style" color LCD viewfinder, or the back LCD screen.
As for the possibility of M-mount adapters for the new camera format (yes, it's a new format, with a new lens mount with electronic contacts) the camera body normally relies on aperture position feedback from the lens to help calculate proper exposure; you'd therefore have to rely on totally manual exposure settings, with manual focus.
Since the new micro-4/3rd's format is still essentially vapor-ware (I have yet to read a personal account from an actual owner, just pre-release publicity reviews), it's still too early to tell if this new format will actually function as a practical manual rangefinder backup to the M8, especially given that they will most likely be designed to function as automatic cameras, and not optimized for manual controls. It all depends on how individual models of cameras are actually implemented, design-wise.
It's way too premature to be making blanket statements like "the micro-4/3rd's format will function as a digital M-mount camera"; it would be equivalent to saying that "all SLR's do this or that," while having never seen an SLR.
~Joe