As Phil says, with the smaller sensor sizes, you effectively get the look of a "longer" lens - but that also has the additional positive of using the centre of the lens's image circle - with older lenses, often if there were any issues with image quality fall-off, it'd be towards the edge of frame.
The Big problem really with APSC and especially with M4/3 is that if you're into landscapes and want wide angle lenses, you're basically going to be stuffed...Anything much wider than a 28mm from film days was considered quite a specialist tool - and a decent 17mm (effectively 35mm on m4/3 so not very wide at all) is probably as wide as you're likely to find, however, it'll probably be going for the same kind of money as a modern AF kit zoom...
So, for portrait stuff, a nice 85mm will be fantastic, and on M4/3 a 135mm is a very compact and light way to get some serious reach - a 200mm gets you well into the reach for wildlife - admittedly, you'll be looking at prefocussing probably to get a keeper - but it's a cheap way to go...
And, of course, for Macro, a good 50mm manual and some extension tubes (or even a bellows) can be absolutely amazing...