Update: Two weeks after our first posting, Olympus makes the announcement official. See the article at DPreview for full details.
A dutch website yesterday released some information about a new “entry level” DSLR from Olympus utilizing the 4/3 system. Also included was information about a macro lens with a 35mm focal length (70mm in 35mm equivalent) capable of doing 2:1 (35mm equivalent). I’m sure we’ll have some more information soon, so watch this space. Also of interest is the un-official Olympus 4/3 lens chart - which now shows some 3rd party (Sigma) lenses planned or available for this new mount.
Today I found a page on the unofficial 4/3s website about this camera.
ZUIKO DIGITAL 35mm 1:3.5 Macro
So how does 1:3.5 become 2:1? That certainly looks like a reproduction ratio, and the name is copied directly from the 4/3 consortium page on the lens:
http://www.4-3system.com/lenses/?l=21
The lens will be an f 3.5 which will go to twice life size (2:1) in 35 mm.