Sony Alpha NEX-C3 (photos)

While the C3 has a nice, compact body, the E-mount lenses are significantly bigger and heavier than their Micro Four Thirds competitors. They have a nice build quality and lovely ring movements, but they do detract from the camera's portability quotient.

You can see how small the body looks when not overwhelmed by the lens.

The NEX interface has improved over the implementation in previous models. The dial has unlabeled buttons that you can program for frequently used settings, which makes a huge difference in usability.

There's still no built-in flash for the NEX models; that cover hides a port which accommodates the bundled flash or an add-on microphone. Still no EVF option, though.
Because it's so narrow, it's a bit difficult to hold and shoot single-handed, despite the small grip.