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GH1 with Matte Box. This guy is hardcore man.
I'll probably get the G1 once bundled with 14-42. It doesn't matter if the lens won't autofocus in movie mode.
What's important to me is a small camera with interchangeable lens that comes with useable high ISO output. The 14-150 could wait.
The high ISO (1600) IQ is not far from Nikon D90 or Canon EOS 450D. See pic below

The GH1 IQ (ISO 3200 ) is a also a big leap from G1. See comparison from this link
http://forums.dpreview.com/forums/read.asp?forum=1033&message=31804417