Sony is expected to announce their EVIL camera on May 11, 2010.
The latest rumors indicate that one of the upcoming Sony EVIL cameras will be priced lower than the Olympusw E-PL1 and 3 different lenses will be available at the launch:
16mm F2.8
18-55mm F3.5-5.6
18-200mm telephoto
All lenses will be made of Chromium and will be very well build and low-priced
Adapter will be offered for existing Sony α lenses so they can be used with the new EVIL system