Haven't we seen this before? A camera that needs a smartphone to serve as a viewfinder and controller? While Sony did release the QX line of point and shoots that similarly needed a smartphone to serve as the brains and eyes of the camera. The big difference between that and the Olympus Air camera, is that Olympus is offering a standalone sensor and mount that can use any of the 20 existing Micro-Four Thirds lenses available in the market.
The Olympus Air is going to cost $400 when it ships (preorders are available now). It will feature a high-resolution 16mp sensor, 1/16000th of a second silent shutter and 10 fps burst shooting. Capture RAW, JPEG, & HD movies.