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I agree Sony is indeed the real threat to most other brands now. As has been stated, an A7R IV with a 200-600, while heavier than an E-M1.2 + 300F4 is more versatile and improves on the image quality (for those who think they need that). It also adds the benefit of 26mp when cropped to APS-C either in camera or in post process. It does so at a similar price of the E-M1X + 300F4 but quite a bit more expensive than the E-M1.2 + 300F4. I don't trust Sony to have weather sealing anywhere near Olympus, neither for camera nor lens but as has also been stated fewer people need it than those who think they need it. Personally I've had my cameras and lenses soaked more times then I care to say which means I am one of those who really want and like good weather sealing.
The E-M1.2 and other Pro Olympus bodies are already well and beyond good weather sealing though and while it is one of the "extra" features that could sometime push me to a 1X it's not really a feature that was needed.
As far as pricing goes, again, Sony is the only real competition here, Nikon and Canon have and/or will prove this with their new releases. The EOS 1DX is almost 9k compared to 3k of the Olympus 1X, the Nikon D6 will very much be similar if not a bit more expensive as Nikon usually is. Nikon's announcement of the 120-300 F2.8 which finally gives Nikon their own (I know Sigma has two versions) lens similar to the amazing Olympus 40-150 F2.8 (great build, good size and amazing image quality a part from a bit busy bokeh sometimes). This is a lens that is among the most versatile focal ranges you can find and one that sport shooters will love.
The obvious differences between the lenses? 3.6 times more weight in the Nikon (3.2kg vs 880g) and about 10k (12k announced) vs $1300.
I have no doubt it will be a superb system but I think the pricing of the new Nikon and Canon products A: Puts the, what we have thought, high m43 pricing in perspective and makes them more valid and B: Makes everything look even greater for Sony. While the Sony A9II is by no means cheap, it's still about 2k bellow the 1DX Mk III (for now, we'll see about actual retail prices).
Given all this, and while many of us have had concern regarding some pricing in m43, I think it's easier to say that the pricing of m43 is a bit more in line compared to these new releases, or maybe the other way around.
Also it's very interesting to hear @Imagemaster is returning to m43 from Sony after having read your mostly very much positive experience (and lobbying ) with Sony 
Welcome back and... well, now who will stir up things? 
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