DPReview Gear of the Year Part 2: Panasonic Lumix DMC-GM1
Doesn't the 12-32 count as a pancake zoom? It's about as tiny as possible.
As for a fixed lens, that would be an entirely different concept. I think it's possible we'll see something like that, if Panasonic decides to keep the LX series going. At this point there must be very little space in the market for a high-end compact with only a 1/1.7 sensor, so it will soon be time for Panasonic to either make a new LX with a bigger sensor or pull the plug.
My guess is they'll pull the plug, because the GM1 as it is will fill most of that niche anyway. If they find room for a hot shoe and accessory port on the next GM, the niche will be completely filled. But, that's just a guess.