So basically Panasonic said "Fuck you" to Oly and Leica, created a whole new system, then threw them a little bone in the shape of an adaptor to use the existing four-thirds lenses. Sort of - only three each of Olympus' and Panasonic's lenses will work, since the rest don't understand the new focus system. Oops.
Gossip aside... I like the idea of the new system: A smaller camera with interchangeable lenses is a fantastic idea. It's like Leica's M8, the overpriced digital metal monster, but with auto-focus and less of the annoying purist/artist baggage it comes with.
I don't like the lack of a real man's auto-focus: unlike DSLRs with their dedicated focus sensors (which require a mirror like the one the DMC-g1 doesn't have) this new camera uses contrast-dectection. Basically, the power-sucking sensor's on all the time when you're focusing. While this is apparently faster than most other PHD (push here, dummy) cameras and as fast as low-end DSLRs, I'm not a fan.
Also, it has an electronic viewfinder. That means there's a little power-sucking screen inside, 'cause without a mirror they couldn't bounce the image straight into your pretty little eyes.
And come on, guys! We want BIGGER sensors, not smaller ones! Four-thirds was already too small. And not enough damned lenses - Panasonic's only got five lenses planned...
Now, where was I... Oh, right, the recap:
+ Cute little camera, cute little lenses
+ Interchangable lenses on a PHD camera
- Screwing Olympus and Leica, and their nascent four-thirds system
- Contrast-detect focus
- Electronic viewfinder
- Tiny sensor
- Few compatible lenses
I like tiny new things, especially in sexy red and blue colours. I don't like excessive compromises. I give this 7.5 Mutrons out of 10.