Upload & Sell: Off
I think Fuji actually has an opportunity to be the "pro" MFT player. Olympus seems to be aimed at the consumer/style-whore segment (I mean that in a good way), Panasonic in the enthusiastic segment leaving the pro segment to...? I think the big question is whether there's any money to be made there. The whole MFT thing seems to be based on capturing people on their way from P&Ses to dSLRs - that's obviously where the big money is, and inexpensive MFTs will low margins will be the winner there. But I think Fuji realizes their strength in innovation means they're sort of doomed to be a niche player, so maybe "owning" the high-end MFT niche will be their thing.
I think it's been demonstrated pretty clearly that there's a surprising amount of interest in MFT from guys operating at the fringes - using weird glass, wanting a body they could take into a snowstorm or a sandstorm. Fuji could create a fully weather sealed MFT with a single, killer, sealed prime lens and actually get some traction into the pro market for PJ's looking for a great pocketable camera. I've seen guys wearing D-LUX 4's on their belts - that could easily be a pro MFT from Fuji. This is precisely where Leica should be, but they seem completely uninterested in going there.