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Ask Engadget: best Micro Four Thirds / interchangeable lens camera on a budget?

We know you've got questions, and if you're brave enough to ask the world for answers, here's the outlet to do so. This week's Ask Engadget question is coming to us from Terrillo, who seems eager and excited to make the leap up from the point-and-shoot universe. If you're looking to send in an inquiry of your own, drop us a line at ask [at] engadget [dawt] com.

"I really want a new camera, but not a point and shoot -- more like a DSLR or a Micro Four Thirds. My budget is $300 but I can go up to $400 if there's sufficient reason. I really want to get a new camera before Christmas. Any suggestions?"

Suggestions? Boy, are there. The interchangeable lens / Micro Four Thirds market has exploded this year, making up nearly all of the news that flowed from Photokina in September. Panasonic's GF2 has seen glowing reviews, as has Sony's NEX line. So, readers, what do you recommend? Speak out in comments below.