There's no such thing as a digital image with "no pixelation." The image is composed of pixels -- the only question is whether or not they're big enough for the eye to see on a print.
At normal reading distances, a longtime rule of thumb is that the eye won't be able to distinguish between a pixel image and a continuous-tone image as long as the pixel image has a density of 300 pixels per inch or higher. This is based on the resolution limits of the human eye. Going by this rule of thumb, the limits of the R-D 1's (roughly) 2000x3000-pixel image would be 7-point-something x 10 inches.
In fact, though, people often accept images with lower pixel densities as continuous-tone, either because the output device blurs the pixel boundaries (inkjet printers do this) or because they view the photo at greater than reading distance.
Last summer I used my Nikon D100 to shoot a photo that later was used on a billboard, meaning it was enlarged to a height of 14 feet. Nobody complained about pixelation at all -- but then, the closest viewer was hundreds of feet away!
Closer to earth (literally) a studio photo I shot last month with my R-D 1 was blown up into a 20x30-inch advertising poster with no problems at all, thanks to the fact that wall posters seldom are viewed from any closer than two or three feet away.
What this comes down to is that 'picture perfect' is in the eye of the beholder! It's not the camera, but the viewing conditions that make the difference.
