The first Leica T picture appeared and as you know it’s said to be made in partnership with Panasonic (More info at MirrorlessRumors). The camera will cost $3,000 and have an APS-C sensor and T-mount. So it’s not going to compete against the MFT or any other current mirrorless system. What’s still not 100% sure is if the Leica T is made by Panasonic or if Panasonic just makes the electronics and then ships them to Germany so that Leica can assemble them there.
What I am sure yet about is that Panasonic will not join such a system. This is all about selling a red logo on a camera :)