The sony NEX does auto panoramas.
The GF1 is better if you want physical dials and buttons, but the NEX has a better sensor and thus better image quality (although for brightly light outside photography it probably won’t make much difference).
If size isn’t an issue, then a proper SLR will give you more for your money, but the new mirrorless system cameras like the GF1 and NEX will give you pretty much the same quality images, but with a few compromises for the much smaller size (eg. no viewfinder, slightly slower autofocus, shorter battery life).