Upload & Sell: On
I sold my D700 a couple of months ago together with a Nikon 24-70, kept a 50mm 1.4 prime and a 70-300 just in case. I sold it to fund the OM-D and a couple of lenses because I wanted something smaller and lighter, easier to carry around and something that would give me the mental kick to start with street photo more (unfortunately it is all still in the head so the camera didn't help with that :-P ).
I don't regret selling the 24-70, I have come to the conclusion that I'm not much of a zoom guy, I love primes. I do regret selling the D700 and will probably get a new Nikon next year, maybe a used D3s or a D800 (don't like the housing of the D600).
I now use the OM-D and mainly two lenses. The Panasonic 25mm F1.4 and the Olympus 45mm F1.8. The Olympus 45mm F1.8 is nice and sharp, very very small and light, it's almost like looking at a toy, great little portrait lens.
The Panasonic 25mm is in another league though, this is without a doubt the best lens I have tried. It gives a lovely rendering, beautiful bokeh and it's sharp, very sharp, even at F1.4 it's sharp enough that I never think about stopping down unless it's for other reasons such as DOF. Comparing it to my older Nikon AF (not the new one) 50mm F1.4 the Nikon can't compete unless it is stopped down by a stop or two.
I also use the Olympus 12-50mm mm kit/movie lens (olympus actually named the OM-D+12-50 mm kit as a "movie kit"). It's OK and sometimes good. Very nice for macros even though it's not a dedicated macro lens.
So, all in all, there are some extremely good Olympus and Panasonic m43 lenses out there. Some of them easily compete and sometimes beat Nikon's and Canon's similar lenses.
I am however still a bit skeptical to their pricing, especially Olympus. How come the 45mm F1.8 costs twice as much as a Nikon or Canon 50mm F1.8? And how come the 75mm F1.8 costs twice as much (almost) as the Nikon 85mm F1.8? There could be a reason for it I am sure but it is more expensive to develop lenses for m43? To me it feels like Olympus is marketing the prices and lenses against the field of view of FF, say a 45mm gives the same field of view as the 85mm (really 90 mm but let's not be picky) then they price it closer to the Nikon/Canon 85mm counterparts even though the 50mm cost would make more sense, to me at least.
The Panasonic Leica 25mm F1.4 I can understand though no matter how you put it, a 25mm F1.4 should be more difficult to produce then a 50mm mm F1.4, I think :-P
Simply put, the lenses are there and m43 is one of the fastest developing mounts, the release lenses pretty fast, wether you will like the m43 system or not is another question. I really like it but like I said, I should have kept my D700 and gotten an OM-D as a light carry around. It gives the quality you need for pretty much everything but I miss the ergonomics of the D700 when shooting portraits for example.
Hope the post wasn't too long for you.