Waiting to see what the Ep-2 and GF2 will look like. I wish the Ricoh-Pentax/Samsung matchup was more than just rumours. Pentax primes on Ricoh body? That would be my dream camera.

But if I was to buy tomorrow, I'd go w/the GF1.

Were I starting again in DLSR/EVIL cameras, I would got with either the G1 or GH1. The EP-1 and GF-1 are elegant looking, but in the end elegance does not beat function, and an OVF or very good EVF is a necessity for some shots. As things stand I am VERY pleased with my 4/3 DSLR's (e410 and 510).

I am thinking about GH1 + 20/1.7 as ideal 4/3 combination.

I really had a bad experience with the E-P1, so I guess I'll be staying away from Micro 4/3 for a while. I swapped it for a Sigma DP2 and couldn't be happier.

I went with the EP-1, as I really don't like DSLR style grips, or styling. I think I would still have gone with the EP-1 even if the new GF-1 had been available, as I've really got into just using the LCD for composition. Really love my EP-1 :)

I went for the GH1. I'm trying to get used to the size, but I'm amazed by the files in produces. As you say, the GH1 has the multi-aspect sensor (very nice), about an f-stop more usable range than the G1/GF1, a more powerful flash, an articulated LCD and is not really all that much bigger. Not only that but you can mount just about every lens ever made on it. Plus it has incredible video!

I'm looking forward to buying a GF1 just to have as a backup body and plunk the 20mm f1.7 on my GH1. I think the GH1 will feel like quite a different camera with a pancake on it...

I think I'd get a GH-1 if they didn't force you to but the big lens that goes with it. And, the 14-45 doesn't seem to be available separately.

My most recent final decision is to be happy with what I already have.

Just as Amin summarized, there is no correct answer to the m43 "question", just personal preferences that need to play out. I had never been more excited by the announcement of a camera system before m43 last summer, and a year later things are shaping up better than I imagined. The potential for portability and small primes is what held me back from the G1/GH1 initially (but a coworker impatient for the EP1 got the G1, and it has been a blast)... the 20/1.7 release finally pushed me to decide. Another friend has the EP1, and within a couple hours I got it working to meet my needs. "Heart, not the head" indeed... but it makes an impression. I really appreciate the potential of legacy lenses with IBIS, and the MF assist, and I think it is acceptable to me even with reduced AF performance (in comparison to the Panasonic line). Problem is the 20/1.7 is $400, and the bare EP1 $800... while preorder price of the GF1-20 kit is $800. The $400 difference made up my mind for me. Committed to the system, I added the G1 (not intentionally) to get the 14-45 and 45-200 lenses at cost ($600). That makes three lenses and two bodies for $1400 total - not bad. Next year, the 14/2.8 is possible (I really wanted a 12/4 or 12/2.8, but depending on performance, this could give me excuse to retire my DP1 - or not), but my heart is set on the fisheye. I love FE photography (it doesn't wear thin on me), and a compact FE solution is something I have dreamed of since the start. Serious love to Panasonic for going there, even when polls on 43rumors.com don't support the move. Maybe I need to buy two to make up for the rest ;-)

If I didn't have a DSLR, I'd likely wait for something like a "GF2"- a GF1 with stabilization. As it stands now, I have a Nikon D90 and a few lenses for it and I'm very happy with that camera. None of the M4/3's with a lens or two are small enough to entice me into buying into another system.
Just coming off of a 3 week vacation where I carried the D90 around the entire time, I realized what I want is a truly pocketable camera with decent IQ, a fixed lens and decent zoom range. I'm planning on buying the Canon S90 unless the initial reviews are really bad.
I personally need cameras for 2 scenarios:
1) Solid system with excellent IQ for studio work and staged work.
2) A camera for everything else that I can have on me almost all the time and not notice that it's there. I can't imagine any camera with interchangeable lenses falling into this category - nor can I justify the expense of buying another system.

@ Chez Wimpy- Where did you find those prices? I'll buy if both cameras can be found at that price.

I personally won't go for an Olympus setup, just because I've never been thrilled with the image quality from the Olympus digital cameras I've had the opportunity to explore. The Panasonic GF1 is the right camera for me size-wise, but I feel the price tag is a bit steep. The G1 and GH1 aren't THAT much smaller than a Canon Rebel T1i for a similar price tag and I'd have the option of the video, the ability to use all of my current Canon lenses and the option to use all of my alt glass.

I'm a little turned off by the pricing and the lackluster quality difference in the m4/3 cameras. I don't see where they're blowing away the Ricoh GX & GRD lines, the Canon G11/S90 or the LX3 (the LX3's biggest pitfall is its lack of availability...Sort of like Nintendo's Wii console the first couple of years it was available, now that it's available everywhere, nobody cares). I think I'd rather spend $500 on a nice point and shoot camera (one of the few aforementioned models) and do without the m4/3 cameras for now, or drop a tiny bit more and get a small Rebel bodied camera and have an even larger, higher quality sensor in a camera that will use my existing equipment.

As for the statements about the next cameras in the lineups...Waiting around for the next big thing means you just wait forever. I waited and waited on the Canon 5D, finally bit the bullet and what happens, six months go by and the Mark II is announced with a release date 18 months away. Either way, I had to have a camera and I made do with what was available at the time.

All that being said, I'd pick the GF1 with the 20/1.7 hands down. I absolutely love Panasonic's UI and IQ and their build quality is usually on par with the rest of the pack. That would definitely be my pick.

I've posted about this before, but I went with the G1. Got a great deal from B&H ($640 including extra battery and Lumix soft case) plus I got the 45-200 Pany zoom lens from Amazon FOR FREE (long story).

I was having a lot of fun with the combo. Just before embarking on a cross-country trip I splurged and bought the PanLeica F1.4 25mm 4/3rds lens and the Panasonic m4/3 to 4/3 adaptor. The lens/adaptor combo positively overwhelm the G1 body in size, cost, and weight, which isn't a good thing.

But what is a good thing is the ABSOLUTELY STUNNING image quality that the lens produces. I can't ever see taking it off the camera.

I think there is other aspects as well
how do people feel about the HighRes screen of the GF-1 Vs. The EP-1
or if your a Raw shooter how important is C-1 support of the EP-1 ?
Though not the cheapest route, but for me I think it's going to be the Ep-1 with the Pany 20/1.7 to start.
However I do want to see the GF-1 in the flesh first before committing.

For people interested in the Sigma DPx models the choice among m4/3 models brings excellent news: here in Germany DP2 can be now purchased *new* for only 349 EUR, which is approximately 40% of the suggested retail price of 799 EUR! Rember this camera was introduced only in May!

With that kind of reduction, I think I can handle some of the deficits of the DP cameras. After all, their lense are superb, as all reviews consistently confirm. And they are lighter than both GF1 EP-1 with pancakes.

I find myself in the same struggle and I keep coming back to the original G1. In looking at the GF1, I find that I love the appearance. However, when I start looking at the performance (at least what I've read) that I find no real benefit over the G1. If you buy the GF1 and proceed to buy the view finder, it ends up being larger in hand with a comparable lens.

What am I missing? I do find myself wanting to justify the purchase of the GF1, but consider this.

Today you can purchase the G1 with kit zoom for about $625 street price. You can then take $300 and buy the Olympus 17mm 2.8 and another $330 for the 45-300 zoom. That's roughly $1250-1275 for a pretty sweet and versatile kit. It has a great EVF already as well as a built in flash. You won't have to wait for any software (adobe RAW or Lightroom) to update. You can be shooting in a couple of days. Sure it doesn't do video. For me, that's OK.

Is there some other performance issue I'm missing between the GF1 and the G1?

I own both a Sigma DP1 and an Olympus E-P1.

I take the Sigma everywhere. I find it to be fast enough for my needs, and it takes breathtaking images.

The Olympus, with its potential for swapping lenses, ability to do macro and record high-resolution video, is definitely the more versatile camera. But it is larger, larger still with a flash so it can be used in a party/low-light situation (the Sigma has a built-in flash, actually making it a much better party/night camera in my experience), and its images lack the x-factor the Foveon sensor in the Sigma delivers (if I had to say what the difference was, I'd say the Sigma/Foveon delivers richer colors and sharper images with less noise).

Also, compared to the Olympus, Sigma's menu system is simple and elegant.

Olympus' included software is also embarrassingly basic, and $99 to upgrade to Olympus' Studio software (which should have been included free!) is highway robbery!

When the E-P1 was first announced, I was really excited by the possibility of a genuine DSLR alternative in a smaller body, especially such a stylish smaller body.

Having used both, I would say anyone wishing to be able to produce DSLR quality images carrying around a near-compact size camera is still much better off sticking with one of Sigma's DP models.