It seems fair to assume that potential purchasers of the GF1 may well be looking at it as an alternative to a fixed lens compact. Our current favorite for the enthusiast photographer is the Panasonic LX3, which along with the Canon G10 and G11, is about as good as it gets in a 'photographic' compact camera today.
Studio scene comparison (JPEG)
This is our standard studio scene comparison shot taken from exactly the same tripod position. Lighting: daylight simulation, >98% CRI. Crops are 100%. Ambient temperature was approximately 22°C (~72°F).
Panasonic DMC-LX3: Zoom at 52mm equivalent position, Aperture Priority(@F4.0), ISO 80
JPEG Large/Fine, Manual WB, Default Parameters (Standard), Self-Timer
6.6 MB JPEG (4000 x 3000)
4.2 MB JPEG (3776 x 2520)
Looking at these two shots side by side it's obvious that these cameras have very similar processing engines. Although the LX3 can't get close to the combination of GF1 and Olympus 50mm macro when it comes to resolving fine detail, you can see the family resemblance, with both images sharing a common 'look' - overall tonality and color response is almost identical.