Will canon deliver an aps-c based sensor camera? Not sure, maybe the g1x sensor is a hint of whats to come. I wouldn’t count on them making their mirrorless camera weatherproof either. Can they beat m43 in AF speed? None of their contrast detection cameras is particularly fast in that respect. Can they beat NEX in sensor IQ? If the g1x sensor is a hint, it seems NO. Will they support EF or EF-S lenses? That might be a huge advantage for them.
BUT! I trust Canon’s way of doing no nonsense cameras, my guess is its probably going to be a well rounded package – they have had time to watch the market evolve. They are probably going to come up with a very utilitarian camera, without major flaws, discreet design (hear pentax?) and great ergonomics. Maybe not the king of the hill in any specific respect, but a solid proposition.