EVIL stands for Electronic Viewfinder Interchangeable Lens. These are touted to be small, mirrorless, finderless cameras that can fit in a pocket and outperform bulky DSLRs.
For now they come at a huge price. However, the rumor is that the race is on between multinational Camera companies to manufacture decent priced yet providing awesome technological gadget to the masses.
Read more about EVIL on Wired.com