I guess the reason for the discussion is kind of a Consumer Reports thing -- which buy is the best for the money, and which would best fit into a long-term system. (I'm assuming here that most people who read the LL are at least "interested" photographers, rather than snapshot enthusiasts.)
It is possible, even likely, that for some people, a 4/3 or Micro 4/3 system is perfect -- exactly what they want in quality, price, handling, and so on. But I would say that the people for whom it is perfect are relatively few -- a much larger number who might consider 4/3 would also be perfectly happy with any one of a very wide range of other cameras.
The argument for going to that wider range is that it either costs less (P&S) or leaves an opening for a more extensive, higher quality system in the future, that can be bought piece-by-piece. And BJL, I would point out that there are Nikon APS-C kits for the D60 with a 18-55 VR kit lens that sell for $600 on Amazon (I'm sure Canon has the equivalent.) With the D60, you can buy all kinds of Nikon accessories, including other lenses, that work on a FF system.
So, as I said, I'm sure that for some people, the Olympus 4/3 is perfect and that's what they should probably buy. But if you want an opening up, you won't get it with 4/3. And I have the feeling that ultimately, 4/3 is going to be a dead-end; it's going to be the Olympus Pen-F of the 21st century.
JC