I have the GF1 with the 20mm lens.
I have this as a more portable option on rides to my Canon DSLR.
To date, the DSLR hasn't been used since getting the GF1 – its that good.
Took some action shots – jumping off a ladder drop – last weekend, in poor light – results are superb – on the "idiot mode/Ai" as well.
The lack of view finder I agree with, would be better with one, but thats not the "style" of a bridging camera. Also the 20mm lens means you have no zoom so its back to walking backwards/forwards to capture your shot – which has a sense of fun in itself.
For the actual quality of pictures and its HD filming it seems outstanding.