Really their is a lot of PhotoKina News out in the market, some of it affects 4/3rds users but a lot of it doesn't. So I am going to try to put together news which I think matters to 4/3rds users.
Adobe Announces today CS4 - many new features throughout the suite.
Mainly - Save time (big time savers in their video applications, and video performance) compatibility between programs (such as indesign and flash) - new functionality (such as pano abilities in PS). Chris Orwig has a very good preview of PS CS4 on his site.
(Though the upgrade isn't cheap)
lensbaby - Today they are offering a whole new lineup of tools, including a new model which is called the Composer it should be much easier to use than any previous lens baby models. Also within the new line up is the ability to swap out optics for even more effects. Check out their website. If you have been holding out on getting a lensbaby the new composer may be what you were looking for.
Sigma is also annoucing the 50mm f1.4 lens for the 4/3 system. This will add an addition fast prime to the 4/3 system. Something that users have been asking for the last few years.