I currently have a three-tier system of Nikon FF, Panasonic MFT and several pocket cameras (I just bought the new Sony RX100 today and spent some time shooting around with it, and it'll replace my aging Canon S90.)
As somebody who shoots a range of cameras, and who is not wedded to any particular brand, the new Canon struck me as a kind of bone-headed gesture toward the growing interest in compact mirrorless systems. If you're going to have an interchangeable lens system, shouldn't you, uh, have more than two lenses? If you're going to have a modern camera, especially one that you advertise as being able to use heavier lenses from your larger systems, shouldn't it offer IBIS? Especially when you build that into shirt-pocket cameras that cost 1/4 as much? If one of the two lenses you offer is a 22mm apparently aimed at the street-shooter market, shouldn't it have near-instantaneous auto-focus; reviews say it's sorta slow. A lot of very small cameras have optional EVF...why not this one?
To me, this seems like a marketing blunder. It's too late to stick a toe in, just to test the water. There are all kinds of people already selling competitive cameras, and they've got full systems out there, and they're extremely good. The biggest impact this camera may have is to convince people that they don't want a Canon mirrorless system. I expect image quality will be good, but you know what, so's the image quality in all the larger-sensor cameras now, from the J1 up.
As to the balance issue, there's nothing particularly baffling about it. If I'm handholding, say, a Nikon D3 with a 70-200 f2.8 zoom, I'll have both elbows pressed against my body and the camera will touch my face -- essentially, a kind of human tripod, with the camera weight pressing my arm bones down into my body. I hardly need any arm muscle at all to support the camera. If I try to shoot a long lens with a very small body with no EVF, my hands no longer press down into my body -- my elbow touches my body, but my forearm has to stick almost straight out so that I can focus on the LCD. That means the weight of the lens and camera has to be supported almost entirely by arm muscle, so that gravity is an enemy rather than a friend, and that leads to unsteadiness. Note that when I'm using my Panasonics, I don't stick my hands way out in front of myself (usually), but I do support my elbows against my body. But, it's not as steady as a larger camera with a viewfinder. It just isn't.