I think they've waited too long, and although they've finally decided to bring a product to market, I think it's a mistake to not try and take on the m4/3s ecosystem. They're making a niche for themselves where there's going to be no market.
It took them so long to do something, I was expecting it to be really polished and thoughtfully-executed. That remains to be seen, but as of right now, it really doesn't seem either of the two... They should've take a full-frame sensor and built a tiny mirrorless body around it.
It looks like they're still aiming for the P&S crowd. Simple (read: amateur) controls, and elegant (read: plain) styling. Looks boring. I was really hoping for an enthusiast RF style camera. Big sensor, good lens compatibility, optical viewfinder, manual controls on the top (bury auto modes in menus if they absolutely have to be included to satisfy the company execs)...
Now Canon has the chance to punish them for their mistake.