Advice appreciated please.
At present I have a Nikon D90 body with 3 lenses. All very good but it's getting too heavy to carry all this kit around. So I am thinking about changing this for a GH1+14/140 lens as a lighter and more manageable kit, especially for travel purposes and general purpose photography. All the reviews that I have read reckon that the GH1 is a fine camera and that the14/140 lens is probably better that the Nikon 18/200 lens.
You mention three lenses, so what are the other two? Are you going to want m4/3 equivalents for those lenses as well? My point is that you need to consider your entire kit. The GH1 is definitely a lighter and smaller camera body than the D90, but the 14-140mm is not much smaller or lighter than the 18-200 (but it does give you more reach on m4/3). Depending on the other lenses the entire kit weight reduction might not be as much as you're hoping for. If that's the case it might just come down to what's important to you. The GH1 is the better video camera, and the D90 is the better still camera. But depending on your needs the GH1 might be every bit as good of a still camera for you. Either is capable of taking great photos... just different features and performance characteristics.
When you talk about the weight of interchangeable lens cameras, the kit weight is affected more by the lenses you carry than by the camera body. True that m4/3 lenses are generally smaller and lighter than their DSLR counterparts, but you get more lens selection with your Nikon so the weight savings only helps if you can get the lenses you want.
I have a couple of Nikon bodies (main one being the D200) and ten lenses. I never carry all my lenses at the same times since some are highly specialized... usually just two or three. When I want to travel light I carry my 18-200mm VR and a 35mm prime. Sometimes I just carry a couple of primes. Even with the D200 it is a light kit compared to carrying my D200 with a 17-55mm f/2.8 and 80-200mm f/2.8. I once considered the GH1 with 14-140mm and 20mm f/1.7, but after doing the math I decided the slight weight savings were cancelled out by not being able to carry one of my other Nikon primes with me (like my fisheye). So instead I decided to keep most of my Nikon gear, but sell a lens or two (plus my LX2 P&S) and buy the GF1 with 20mm pancake and maybe the 14-45mm. The attraction there is that it can fit in my coat pocket more easily than the GH1... and way more easily than the D200 (which really doesn't fit in a coat pocket).
So you've really got to think about what kit you carry and how you use it. You might end up with a GH1 kit that you also think is too heavy once you add a couple more lenses. Sometimes it's not the weight that is a problem, but how you carry it. A more comfortable bag, sling, or backpack might help you with either system. I can comfortably carry a D200 with 18-200 and 35mm prime in a shoulder bag. With my heavier lenses and tripod I prefer using a backpack. With the GF1 I'm looking forward to something I can just hang around my neck or carry in a coat pocket. The only time I ever hang the D200 around my neck is when I have a small prime attached. I'm not sure how comfortable the GH1 would be around the neck with a 14-140 attached. With a 14-45mm or 20mm pancake it should be just fine.
Sean