I think that Four Thirds is innovative and distinctive, MICRO Four Thirds is innovative and distinctive, and it exists as a standard G1 is innovative and distinctive.
I think that, contrary to what you stated, Olympus has a history of innovative thinking, just remember the PEN half frame system, the OM miniaturization of the SLR and the first 2 an 4 MP digital cameras.
Japanese companies think in long term strategies, so this cameras are coming and the fact that the G1 is out there proves that all the components are there ready.
Panasonic is not a small company and the LUMIX brand has come from zero to having one of the strongest following in the compact market. I have had several Olympus and a LUMIX and I think that they are very good brands.
If they produce any of those models it will be absolutely innovative and distinctive, they will have a large sensor compared to cameras their size, interchangeable compact lenses and live view capabilities. Also it will be an open system with many companies possibly contributing lenses like it is in Four Thirds.
A similar system can be emulated by Nikon or Canon with full size 35mm sensor or even with larger ones like Medium Format with the advantages of live view, reduced body and lenses size and improved quality due to non-retro focus design in the optic.
The only thing stopping all of this from happening is technology performance, and PANASONIC and Oly are proving that they have this technology and that it works ...