I have been stopped by security twice from bringing my "professional" DSLR into events where other people were using 'amateur' cameras like this to take great pictures. The four thirds idea is great, but I'm not sure if there is 'the perfect' camera yet because of the lack of collapsible lenses that make pocket camera able to fit in your pocket. Plus, there is the problem with having to carry multiple lenses if you want to get different shots. I went to Europe and Australia with the Panasonic Lumix DMC-ZS7. It did a great job, except for inside a stained glass cathedral. If I had a tripod, I might be able to get it to adjust the shutter speed to take three shots at different exposures in order to make an HDR image later. Does the E-PL1 or 2 have manual shutter speed controls (1/200 sec, 1/2 sec, 2 sec)?
If I were going on my European trip again, I would have to think hard about what camera to take... The DSLR is big and gets in the way. Maybe I would have to get just one lens actually, it does take really great photos. I took it down inside the Grand Canyon, but it wasn't easy to carry... On vacation, I might get really annoyed at having to swap lenses, carry 20 lbs of camera gear, security concerns, and miss shots due to having the wrong lens on. It has all the features that you would want to take great photos in any lighting situation, and the larger sensor of the EP-1 helps in that regard over the smaller point-n-shoot (the f stops of the lenses and ISO speed plays a bigger part however). But if you compare the pros and cons of the Canon G11 or G12... I maybe should have bought the G9 compared to my previous Panasonic, but that's a different topic.
Basically, are you trying to get a small DSLR for the bigger sensor and controls, why not get a used Pentax K-X, K-R, K-7 then you can still use your lens (or doesn't it have auto-focus)? Are you trying to get a small camera that can actually fit in your pocket? Look into the high end point-n-shoots that take great photos and are more convenient and sealed.
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