mawz
Established
I actually think people like us (this forum) ARE the intended audience. Your general audience is better off with a point and shoot with a built in zoom, they don't want interchangeable lenses and the hassle that entails. Your DSLR enthusiast with the my zoom is bigger than yours mentality is going to go for a Nikon or a Canon in all of their infinite varieties. Why sacrifice for a smaller sensor and fewer lenses?
The intended audience is Soccer Moms who want DSLR quality and P&S size. Same market as the Pentax K-m and Oly E-4x0 series, just smaller. We're just a nice side benefit.
While the G1 seems intended for people who generally want a DSLR but a bit smaller, the Olympus seems intended for people who in years past would have bought a rangefinder. They want small, they want the biggest possible sensor, but they want good interchangeable lenses.
One of the big advantages of the G1 is ergonomics. It handles better than the larger Oly E-4x0 series despite its smaller size. The grip is the key. The Prism hump is half room for the largish EVF installation and half a response to how badly Panny got burned on L1 sales.
Honestly I don't think there is much of a market for this new Olympus Micro 4/3 effort but if there is a market, people like us are a big part of it. Hopefully they will come out with some good stuff before they realize how small the market is.
I personally think there's a much larger market for m43 than there is for 4/3rds. 4/3rds just has too many compromises vs other similarly priced and sized systems. m43 has a distinct size advantage over anything of similar IQ and a distinct IQ advantage over anything of similar size and Panny(and through them, Olympus) can draw on the EVF technology from Panny's pro video arm which the other players likely to try an EVIL system really can't (Sony and Canon, the only other two companies to have good EVF tech floating around, aren't likely to start EVIL systems anytime soon).