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This is a new system compared to the established systems already out there. Just look at how quickly Olympus developed Four Thirds lenses from absolutely nothing, and what they did produce was top notch. There's a 300mm f2.8, a 150mm f2, a 35-100mm f2, a 90-250 f2.8, a 14-35mm f2, a 7-14mm wideangle....and so on....the lenses will come, but they won't just chuck out crappy lenses to speed things up. Also note any of the above lenses can be used with an adaptor and keep AF - although none of them are micro so it sort of seems pointless.
Regarding menthel's comment about why it can't succeed with 43 size sensor...why not? Unless you're truly in to shooting with high ISO the four thirds sensor is a great system. Of course, if you're also in to getting f1 style DOF then forget it...but you know...if you're talented you can get the desired results. The older sensor in the E-5 was found to resolve more detail than some full frame cameras, according to DPreview, so the sensor is good, just need to wait on micro glass to become more abundant.
Seriously, the DOF thing is the big problem, not the light. It is much more difficult to be creative with shallow DOF on any crop camera. With creative use of distances and different lenses it is just about possible on my 7D and having played with an E-PL1 for some time you just are even further restricted. For static wedding, portraiture etc they will need a larger sensor to make the shots that people now expect possible.
We are also yet to see any real benchmarks for the new oly's with regards to focussing (and keeping focus) in the real world. I think we will all need to wait for those rather than foaming at the lips proclaiming the death of SLRs.