I have a NEX-5. I bought it with both the zoom and pancake lenses and I am very happy with it. The main reason I am so happy is that I use it so often. It’s small size is certainly a big advantage over others (and the main reason I didn’t go for a DLSR).
I am not a brilliant photographer and wanted a good camera for biking & every day use and have had decent results.
The only drawback of the camera that I have come across so far is the lack of a viewfinder. It can sometimes be difficult, especially in bright light, to be certain that your subject, and not something else in the picture, is in focus – especially when using the pancake lens with a narrow depth of field. An additional viewfinder can be bought but it is an extra £150 or so.
The camera really stands out when taking shots in low light, the larger format sensor really helps.
The NEX-5 also shoots full HD video and is very, very good. The sound on video is ok too.
Hope this helps.