Ooh.
That E-PL1 for £280 is starting to look attractive. It comes as standard with a 14-42mm f3.5-5.6 lens (should be OK as a starting point?) and is at least £20 cheaper than any of the more expensive compacts I listed.
I probably wouldn't get the pancake straight away though, I'd save that financial hit for another day...
EPL1 is a great little camera. The kit lens will be fine for now if you want to start getting into using other lenses, you can buy good old manual focus/aperture lenses for dirt cheap (like a Canon FD 50mm 1.8 for maybe £20), and get an adapter. You have to focus and set aperture but if you use it in aperture priority mode the camera will meter and work out a shutter speed for you. Using old lenses is a great way to learn about photography in a really 'hands-on' way imo.
And if you're going to shell out on the pancake get the Panasonic 20mm 1.7 instead - an awesome lens.