Focal length is focal length: it's a physical property of the lens.
"Equivalent angle of view" -- the angle of view of a lens used on the G1 that's equivalent to what you would see on a full-frame 35mm camera -- is equivalent to a 2x focal length lens on full-frame 35mm.
Thus, a 15mm lens on the G1 has an "equivalent angle of view" of a 30mm lens on a full-frame 35mm camera. But the actual focal length is still 15mm, so the depth of field effects are different than an actual 30mm lens.
If you're comparing angle of view between half-frame lenses and the G1, the difference in image size (diagonal) between the formats is about 1.4, so use a factor of x1.4 to compare equivalent angles of view between half-frame and u4/3 format.
The u4/3 format is a tad larger than "1/4 frame" at 13.5x18mm; it's not nearly the same as half-frame, which is about 18x24mm. The attached diagram shows the format sizes, the blue square is u4/3, the yellow is half-frame, and the entire rectangle is full-frame 35mm.
~Joe