Dpreview posted the content of their interview with Panasonic:
MFT verus S lenses:
Compared to MFT lenses the new S lenses have a newly-developed double focus system and an ultrasonic assist system
About the MFT and S system development:
of course we are developing both S-series and G-series at the same time. We have optimized our human resources internally so that we can develop both S series and G series to the highest standard.
About a possible video oriented S camera:
In the future, we’d like to consider the users’ needs: it’s open to users’ feedback.
MFT vs S when it comes to video:
Image stabilization and overheating will be less of an issue, compared to full-frame sensors.
In summary: Yes Panasonic may work on a video oriented S camera. But it surely doesn’t sound like it’s coming any time soon.