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Dell has the Olympus PEN E-PL1 12.3MP Live MOS Micro Four Thirds Interchangeable Lens Digital Camera (Black) with 14-42mm f/3.5-5.6 Zuiko Digital Zoom Lens for $500 - $100 off with coupon code 2K2CKJG7P2Z9FD [100 uses] = $400 with free shipping.
12.3MP, Direct record button, Live Guide interface, built-in flash
2.7" HyperCrystal LCD with Live View, Continous AutoFocus, HD Video
$400
Decent price. Check it out first at your local electronics store first though. Has bigger body and a little less bombproof construction than Sony Nex-5, in my opinion.
NEX has smaller bodies, but their zoom lenses are a bit larger than those for Micro Four Thirds because of the larger sensor/imaging circle. Other things being equal, Micro Four Thirds also has a stop more depth-of-field, which can be good for close-ups but limiting if you like blurry backgrounds.