There have been cheaper ones. The E-P1 for $99 for example.
FP? FP is only for things that can make SD money. It's been discussed already. 3N clearance/OB at BB B&M.
At least make some sense. Now the Ply PM2 would be a better deal than this at $200. Otherwise, for the price, this would be fun to play with and take a step up from point and shoot if you don't have a serious lens fetish.