Sunday, July 12 Update: The deal is off again.

You can currently get a blue Panasonic G1 two-lens kit for $692 shipped at Amazon. That's less than the body only price for the Olympus E-P1! Here's how:

1. Click here to go to the Amazon page for the blue G1 with 14-42mm lens kit
2. Scroll down to where you see "Save $250 on the Panasonic 45-200mm Lens when you purchase 1 or more Panasonic G1 Digital SLR offered by Amazon.com" and then click on the associated "Add Both to Cart" button.
3. Proceed to checkout, and you will see the instant savings applied.

Unfortunately the deal is not currently available with the red or black models, only blue.

Thanks to 1001 Noisy Cameras for emailing me that our readers might be interested in this deal!

Featured comment by Gregory Travis:

You can get the deal with a black body -- I just did. What you need to do is search for Panasonic G1 - when it comes up select the black model and find the offer sold from Amazon itself (which lists a ship date of "1-2 months") and is slightly more expensive than the non-Amazon lowest price of $699 (amazon charges $712.96).

After that, pick the zoom lens. Then proceed to checkout and see that you have a black camera body/standard lens plus the zoom lens plus a $250 credit. My total was $760.65 for the camera, 14-45 lens, AND 45-200mm lens (I chose free shipping). A little more than $672, but still a hell of a deal.

Shipping estimate is August 3-August 18.