IN the short term .. yes, but with business, the long term is the key .. the E-P1 , just as the D3, D700, the 5D MK.II all genberate that first few batch with hype and sale ... but if we go take a lok at real long term business as testified by data in volume of body sold .. such items do not bear challenge from much more ho hum products.
The notion of that manual lens is good already is only for those hobbyist who engaged ... the real market with E-P1 / Micro 4/3 still lies in the much vast upgrade market from DC users and those who are not into legacy lens ( aka new generation of digital users ).
The reality is that the E-P1 did succeed in creating a form factor, but again its only in this that it had succeed. And people buying it not because its good or great, but because its the layman's choice. With GH1's sensor, better overall, the coming Panasonic ( compact model ) is simply likely to dethrone it especially now that Panasonic match or exceed Olympus image quality in camera and better it in the RAW development.
Just like the 4/3, as we all know. the system ultimately cannot just sell on one feature or idea, it must exist as a solution based and system based. Which the 4/3 fail to deliver ( hence why even it start up early , still not able even to catch enough market share as Olympus even vision to had ). Panasonic simply see the issue and try to solve it by launching the Micro 4/3 since it yields a new platform form factor and thus free them from direct heading towards others. The G1/GH1 is not selling in HK only becasue people's prejudice. In fact world wide it open up a lot of sale. And long term especially with GH1's Video is likely to be more business vise a product for a brand than the E-P1.
In short, the E-P1 is a very good industrial design in concept, but a bad implementation. Simply put, it gather short term success, but ist not likely being the one to stand for long. And if Nikon decide that the next Coolpix P series to had an APS-C sensor and its mount .. And with G series AF-Nikkor can do full auto .. care to thing would people use it ...
I use 4/3 also, and that's even why it so evident to me where the E-P1 had been and had not been ...