Hands-on: Sony Alpha NEX-5 interchangeable-lens camera, C/net article/video.
It seems it's a very compact camera with very high image quality, but unfortunately with serious handling flaws. Maybe next model handles those, but I'm not so optimistic, seeing how these things tend to go. (For example, the first compact Sigma was much too slow, and it was not improved much in the second model. The same could be said for Olympus' M4/3 models.)