Huh?The Olympus is much cheaper
The G11 + Canon housing is about $50 more than the Olympus E-PL1 -- and half (or less) than the E-PL1 and Olympus Housing. My starter price for the Olympus & housing was $1500+ which included the camera, housing, kit lens zoom gear and add-on macro lens.
The reviews I've read certainly put the E-PL1 in a class above any Point-n-Shoot, including the S-90/G11 which is expected from the much larger sensor and the changeable glass.