I'll try and find specific quotes, however it is simple physics.
You don't call a 35mm camera a crop camera because medium format is larger do you?
Medium Format has lenses specifically built for it's film system.
35mm (Full Frame) has lenses specifically built for it's system.
Olympus 4/3 system has lenses specifically built for it's system, from the ground up.
An 80mm lens on a medium format camera has the same field of view as a 50mm lens on a 35mm format camera, however the 80mm lens isn't called a 50mm lens with a focal multiplier of 1.6.
Olympus 4/3 cameras and lenses are completely ground-up designs for essentially a "new format" equivalent to half frame (this is widely published) and are specifically designed for digital sensors, not film,, however when people talk about the lenses and the sensor, they compare it to the 35mm system.
Olympus has a 25mm f2.8 prime lens which has the same field of view as a 50mm. The image isn't cropped. The Lens is designed to focus the image on the sensor (unlike for example an Nikon FX lens on a DX body which would have 1.6x the field of view, however the image is actually cropped).
What I'm getting at is, for Canon and Nikon crop sensor cameras. When using full-frame lenses, you don't really have 1.6x the focal length, you are essentially cropping an image from a full frame camera down to 60% of it's original size. When using a full frame lens on a crop camera, there is 40% of the image that the sensor is not seeing. Whether the differences compromise the work you do, is up to you (full frame digital cameras only came out recently, so it can't be that bad).
I'm not sure of the Canon System, but i think an EF-S Lens (as far as I remember) is built specifically for the 1.6 sensor. It is then not a crop camera, or a crop of a larger image, you are getting 100% of what the lens is providing.
The same goes for my olympus. When using a 4/3 lens, I am getting 100% of the field of view that the lens provides. However when I use my OM-mount 50mm 1.8 I am only getting 50% of the image that the lens provides. However that 50% takes up 100% of my sensor, so it appears as though my field of view twice as far (which is the effective focal length multiplier).
With the 4/3 lenses on a 4/3 body, a 14mm lens may mean a 24mm focal length on a 35mm camera, however it is not a crop factor.
A 14mm lens on a 4/3 camera is a 14mm lens. However it provides the equivalent field of view as a 24mm lens on a 35mm camera.
Just the same as a 50mm lens on a full frame camera provides the same field of view as an 80mm on a medium format camera.
Sorry to keep harping on, or appear argumentative. I am just trying to correct a bit of public perception towards Olympus, which compares the Olympus system directly with Canon and Nikon or the 35mm system, when it would be like comparing 35mm cameras with medium format.
You can see that as a bad marketing point for Olympus, however you still have studio photographers shooting d3s or 5d mkIIs when they could afford medium format. It depends on what you want out of your camera.
You weigh up the pros and cons of each format (of which Epp B has outlined very well), then decide.
The benefit of the half frame format is it's size and portability, as well as it's ground-up design specifically tuned for digital sensors, hence the E-420 being the smallest and lightest DSLR on the market by far with the pancake f2.8.
Edit:
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Wikipedia article:
http://en.wikipedia.org/wiki/4/3_System
Some Dpreview comments:
http://forums.dpreview.com/forums/read.asp?forum=1018&message=10806051
About it being a new format:
http://www.4-3system.com/modules/newbb/viewtopic.php?post_id=682