Let's assume for a moment that you're shopping for a new camera. You should be a very happy person (unless you want a direct D300s replacement ;~). If Photokina proved anything, it's that the number of extremely competent cameras of virtually any type is on the rise. It's very difficult to imagine someone that can't find the right product for them (other than that person wanting a D300s replacement).
Compact cameras? Faster lenses, better sensors, bigger sensors, better performance. Mirrorless cameras? Consumer to pro, all covered, including video pros. Plus lots of new lens choice and better sensors makes some of these systems as viable as the two big SLR/DSLR legacies. DSLR? The low-end cameras are awfully good, the FX stuff is all better than most people need. Medium Format? Still alive and kicking, with quality still rising there, too. Want a rangefinder? They're available. Want a traditional DSLR? Plenty of choices. Want an unconventional, modern DSLR? Sony is there for you. Want smaller systems? Mirrorless is there. Need something for your pocket that's better than your phone? Yep, that's all there, too.
What's happening here?
Simple: declining camera sales--especially in the volume compacts--have camera makers madly scrambling to produce things that will appeal to customers. Any customers. Preferably in the US$500+ range, where they can get decent product margins. It isn't that the camera makers have just figured out how to do these products: it's that they have to do these products to survive. That DSLR you already own does just fine for most of your uses, after all. So to sell you something new, the camera makers have to push DSLRs to new levels or offer smaller, competent alternatives that might get you to leave your DSLR in the closet for most photography to be replaced with something you carry around all the time.
The fact that customers are responding to things like the OM-D, X-Pro1, RX-100/RX-1, and a host of other models means we're going to get more of this, not less.
Unfortunately, the numbers don't add up for the camera makers. To continue growing overall, Canon and Nikon now have to take market share from other camera makers. They're likely to do that via price, given that they have the best economies of scale. That plus just copying the things from other makers that do get traction. Likewise, the other camera makers must take market share away from Canon and Nikon to have sustainable volumes. They have to build better, more interesting products and price them right.
For customers, these are good things. We're going to see a fiercely competitive marketplace with a lot of compelling entrants over the next few years. Photokina 2012 was the first salvo. I suspect Photokina 2014 will be about the last significant salvo from a few of the more marginal companies. But in between: lots of interesting, great products, and lots of price wars are likely to be the norm. Good times*.
*If you're patient. As usual with Photokina, a number of announcements were actually pre-announcements. Some of the cameras won't appear for sale until December, and some of the lenses won't appear until next summer.