It's funny, think it's a personal opinion.
I bought a E-P1 from 'mid_gen' and have just given it a spin in Paris this weekend.
It was supposed to be a camera for me and the wife to use.
For me, with far more control and IQ than a compact, but far smaller than a FF dSLR.
For her, something that is small and easy to use, and she's not really interested in the IQ or control.
I very much liked the camera and apart from the onboard flash, it really was a winner.
A few comments....
- it's still a little too large, but not that much bigger than a G9 etc so manageable.
- AF speed really wasn't an issue. Had a play with a friends Pan G1 and AF speed felt better with the Oly. It's not SLR speed, and 'Contin.. AF' is poor, but standard AF and AF/MF works well. It's no 'sports camera', but if I wanted it to do that I'd buy a small Oly dSLR. I can't say I ever took if off the 'Auto AF point' mode, and it seem to do an excellent job.
- Lack of flash is a bit of an issue, but only at night. In 'low light' daytime you can just get away with the IS and High ISO performance.
- HD Video: AF noise is a real issue with 'Contin AF'. Zoom noise is also an issue. Think the only way they'll fix this is with an external mic, but I'm not sure I want to have an external mic cable hanging off the camera to shoot a bit of video (or more to the point, the wife would hate this)
- In Body IS. This worked really well to the point that is seemed to keep the ISO low.
- The compact lens design. This is a real winner for the Oly that allows the the camera to be carried in a very small compact case. I love the lens design and the way if folds in.
My wifes opinion was rather different. She found it easy to use, but still thinks that it's too large. In agreeing to disagree, I will (probably) sell the camera (she wasn't that happy with the impulse purchase, without her involvement), and to be far, we don't travel that often so the camera would mostly be used by her.
But from a GF1 vs E-P1 stance, for me I would still go for the E-P1. Ideally I'd like the GF1 for flash, but with 'In Body IS', and the Oly 14-45 kit lens for compactness.
TBH, I'm also not that interested in the viewfinder. I can live with LV and the added size of an EVF makes me think that you just as well go that little bit bigger and go for a small 4/3 dSLR.
I think the M4/3 has great potential, but it has to be careful not to expand in size for features, and loose the advantage of the small format.
I'm sure other people's experience will be very different, but we are all different.