Think hard about when and where you're going to want to use it, the old adage that the the best camera is the one you have with you is as true today as when I first heard it decades ago. I've gone from SLR down to compact and back up to Mu43 as a happy compromise. I bought a Panasonic GX1 with a kit lens sixteen months ago, it was worth it then, it's an absolute steal at the moment for around £270.
Have a look on Flicker, you can search by camera model, you'll soon see that the camera plays a much smaller part in the result than the photographer, I've seen some brilliant shots taken on budget equipment and some real dross produced form top kit.