I have taken an Olympus EP1 with me up on climbs - multi-pitch and alpine, and have never felt that it was too heavy or bulky. I carry it in it's own shoulder case. It's very similiar to the Panasonic GF1 but the GF1 is lighter and I think a better option of the two. There are two lenses you can get with it plus an array of others lenses with an attachment but I've not used any of them. I use the fixed lens when I want lighter and smaller and the zoom when I'm okay with the extra bulk. I guess it depends on what you're willing to carry and what kind of shots you want to capture. I've never been happy with point and shoot results and the Micro 4/3 cameras I think are a good alternative to a DSLR.
Edited to add one note that I usually don't carry this camera when I lead and I'm not climbing routes that are that difficult. But I do think they are worth checking out.
(This post was edited by jnm1 on Aug 24, 2010, 12:10 PM)