zokes what are you on about? You don't seem to be able to write a coherent argument. Either that or you have a problem with the comprehension.
I've never mentioned a four-thirds sized sensor in comparison to a full-sized sensor. I don't think any sensor compares well against a full frame sensor in terms of noise. Instead, I've made the comparison of a G11 against an EP1.
And yes - fancy pretend-slrs - will get you further than a compact. Why not? Read the reviews. Make an informed statement.
The irony being your username is an error for something that isn't there. How very apt...
Read reviews? Great! I know, I'll believe what someone paid to review a camera by the manufacturer, and pretty much just repeats the spec sheet in prose says
FWIW, having read a few reviews of these, the performance is no better than the G11 at high ISO. Not what the reviews say, but what the pictures taken in the reviews say. Having seriously considered the EP-1, and having handled one in the shop (with a view to also being able to use my old OM lenses on it), it's pretty much impossible to hold steady with anything zoomish at arms length. You therefore have to bump the ISO up to compensate for camera shake. The G11 has an optical viewfinder, is much easier to hold steady, and therefore doesn't need to go as high ISO. To top it off, the G11 does have a small internal flash - where's that on the EP-1? If you have to carry a flash too, you may as well just go for a real DSLR with a pop-up one!
Bottom line is it looks like a lovely toy, because that's what it is - a toy. You're very limited on the lenses you can attach, simply from a holding it steady point of view. Whilst it's undoubtedly got access to better lenses than the one on the G11, how often are you ever going to reproduce prints of a size where you can see that?
You can have the best camera in the world, but if it's on the shelf at home when you get the opportunity for the best picture, then it's useless. For the OP, a very good compact sounds like the best option, unless like SFB, you're happy lugging an SLR case on the front of your camelbak. If you're going for an SLR, get a proper one, which will be infinitely more flexible than the pen-style ones that seem to be cropping up for no discernible reason. Alternatively, get something like the G9 (arguably better than the G10, and lots cheaper than the G11), and spend the rest on going somewhere to take great pictures!