Does the micro four thirds camera standard have a future?

After the recent anouncement of the Olympus e-p1, and the relative sucess of the panasonic g1, at least in terms of mindshare/advertising, I wondered whether the micro four thirds system has a future or will it eventually become a niche market for die hard fans?

I personally like the look of the e-p1 bit not the price tag, so may consider the g1 over a regular dslr, what are the advantages/disadvantages to this system?

Cheers