This discussion has been useful in decision making. I don't have any concerns with slippage but am concerned with it getting knocked out of my hand since I tend to take photos where there's a crowd.
The GF1 is normally carried in a Lowepro Rezo 60 either slung diagonally over shoulder or around waste and is unholstered as needed. Ruled out the included neck strap since I don't like too many things around my neck.
Hand strap was appealing for the ergonomics and support but perhaps moreso on a forward facing shutter button on a DSLR type and less so on the GF1 with top mounted button. Also, it adds relative bulk and restricts access to battery/media as previously noted so have ruled this out for now.
It boils down to using a wrist strap but with specific needs in mind such as a one piece adjustable for secure simplicity, no metal and minimal plastic to keep audial noise down during video recording and to prevent scratches especially to LCD when stuffing everything back into bag, comfortable strap but not too wide/thick for extended wear under more strenuous activities and inexpensive. This may fit the bill.
http://www.adorama.com/IOMWSABL.html
"Olympus blue adjustable wrist strap - water ready
This strap attaches easily to most compact digital cameras and is adjustable to keep your camera securely on your wrist. Water-Ready wrist strap protects skin from chaffing with a silicone covering, making them a perfect companion for a waterproof camera."
