We've seen Olympus shy away from the high-end in recent days, focusing on Consumer digicams with smaller feature sets (c-3020, C-4000, D-520, C-720UZ). Well what drives the market; the purchasing power of the consumer, and they just want an easy to use point and shoot camera. I really don't expect to see a 5MP C-5040 anytime actually.
As I mentioned in another post, if we think back to Feb 2002, we remember a company called Foveon coming out with a new CCD, which when used will enable greater detail, longer video and a lower cost. At the time, both Olympus and Kodak expressed an interest in the Foveon; what that interest is only they know for sure. I can only speculate that they might revive the advanced point and shoot and SLR lines with their incredible optics (here's me hoping for a C-3100UZ, C-4100UZ or even a C-5100UZ sometime in the future) at a lower price. I guess if they can get the cameras down to a cost-effective price at which they can produce them, we might see the return of these specialty cameras that cost them so much money to begin with.
Also on that waiting list is Olympus' response to the Nikon 5700, Fuji's S602, Minolta's Dimage 7i, Sonys F707 (to a lesser extent, but you gotta love that laser).
I don't really think a 5mp C-5040 will be seen though, unless they can get it under $500USD MSRP; consumers are becoming more budget concious, and the enthuisiasts are becoming more discerning, what would be nice to see is a C-5140UZ - now that's my idea of a camera.
*Note these numbers mean nothing and do not represent actual product lines by Olympus. They are just used for speculation purposes so that one can extrapolate the features of the c-xx40 models and the c-5xxx at 5mp and the c-x1xxUZ as a relative of the feature set of the C-2100UZ.