my 1st serious camera was a "3rd gen". i don't think they'll replace DSLR until they can get a bigger sensor in them. the only camera of this type with a sensor that can compete with a DSLR sensor is the sony NEX, but their flaw is lens selection. Micro 4/3rds already has an awesome array of lenses and a good amount of varying body types. The last set of pics i posted were taken with an Olympus E-PM1, aka "Pen Mini." i have a 14mm pancake lens on it and the sucker fits in my pocket! 3rd gen cameras i think are good as 2nd bodies, but for now i don't think they'll replace the dslr.