The GF1 is basically the same camera as the G1. It will accept M mount lenses with adapter. I have not been happy with the performance of M glass on the G1. For me, nothing works better then the lenses that were designed for the camera. The Lumix lenses are quite good performers. I don't like my M glass focal lengths doubled anyway when mounting on the G1 or GF1 or EP1. I like wide angles to be wide angles, not medium focal lengths.
I know other people like their M glass on 4/3 cameras. Your mileage may vary.
I love the two Panasonic lenses I have--the kit lens is great, and the 45-200mm is very nice considering how compact and inexpensive it is. My other favorite lenses so far are the 28mm Summicron and the Noctilux. I think I will like the 75mm and 90mm Summicrons especially. Have not had a chance to use them yet. However, they will be very fast moderate telephotos (sort of) and I think the edge performance will be much better than with the wider lenses.
I'm also excited about the GF1 and will be tempted, although another G1 body might accomplish the same purpose for me. (Maybe I can get one of those BLUE ones
🙂) If the G1 starts to grow on me to the point where I want to do a serious shoot with only that format, then I would want a second body in the bag, and it could be a G1 or GF1.
I have not been "unhappy" with my M lenses on my G1. At the moment, Leica and CV make (for example) some very fine fast lenses in M mounts, and Panasonic does not. The edge performance of the wider Leica/CV lenses on a G1 is enough off so you can see it, no question. So, especially if you
already own M mount lenses, the G1 is a nice place to use them along with the new specially designed lenses for m4/3. I don't know that one would want to buy something like a CV 35mm f/1.2 in order to mainly use it on a G1 or GF1.
The forthcoming 20mm f/1.7 from Panasonic has no equivalent from Leica or CV. I think I will like it although (judging from my short experience with the Olympus 17mm f/2.8 for the E-P1) I will not be blown away. My mind drifts back to the Olympus OM equipment I used and loved so much. I prized compactness (and moderate prices) and was happy. However, there are a lot of compromises optically when building fast, compact lenses with fewer elements, and I can see the difference. I think the Panasonic 20mm will be appropriate for the camera in every way. I would not expect it to be as good as a 40mm or 50mm Summicron or CV on a 35mm camera.
I have used a 25mm Summilux (the size and weight of a partially full beer can) on my G1, and now
that is a combination that makes some nice images. It looks funny, but obviously the pictures it takes are just as good as with the same lens on a clunkier, heavier, 4/3 body. If you take that lens and remove lots of the glass elements that reduce aberrations, improve close-focusing performance, and so on, and thereby shrink it and make it less expensive, you are heading in the direction of the Panasonic 20mm.
By the way, I'm very intrigued with what I've heard about that 45mm Leica-designed macro lens for the micro-4/3 mount.
Tom
PS A lot of exciting news in the air, in my opinion.