We'll see what this lens is all about in a few days. The term "pancake" can represent many different ideas. I think the Panasonic 26mm is going to be a truly small, but it's MF and F8. Maybe it'll just come with the camera as I can't see how they could make into a real product.
Nikon has a 26mm 2.8 pancake lens that seems to have gotten positive reviews for its price/performance.
It's $400US, which isn't nothing and I'm sure could be sold for cheaper. I too am baffled. Typo or they want a FF starter lens for $100ish?
The producer and actor, Micheal Douglas was at the origin of this film I believe.
As per wikipedia: "He sits on the board of the Nuclear Threat Initiative, is an honorary board member of the anti-war grant-making foundation Ploughshares Fund and he was appointed as a United Nations Messenger of Peace in 1998."
I think the price will decide whether this is a success or not. Priced right with Panasonic's usual feature set, reliability and ease of use, this could well open up the L-Mount to the masses. If not it'll probably be a waste of time.