I'm surprised there is no thread on this by now. Anyway, you can read the press release and all the usual stuff elsewhere, but the upshot is that this is a very compact dSLR (smaller than the E-410) and is being offered with a similarly tiny "pancake" 25mm F2.8. Unfortunately, it does not have sensor shift image stabilization.

I'm not all that interested in this camera, but am now very curious about when we might expect an E-520 announcement, and what features this camera may have. IMO, If they could offer weather sealing, and an improved VF, that would be a very attractive upgrade for the E-510.

Yes, there is: it is in the other subForum "Camera, lenses and shooting gear",
here.