Over a month ago I posted a rumor about a new Olympus EP-3 camera that will be released in the November-December timeframe. Today digicame-info reports that Olympus will release a new PEN E-PL1s camera with a new kit lens on November 16th, 2010. The article also mentions that this upcoming camera has been the reason for the E-PL1 price drop (currently selling for around $520).
The Olympus PEN line has been refreshed every few months in the past: E-P1 was announced in June of 2009, the E-P2 was released in November 2009 and the E-PL1 in February, 2010. A new model before the holiday shopping season makes sense.