I considered GF1 or the Olympus model when I was in market for an interchangeable lens camera. My main problem with them was that as soon as you began using non-pancake lenses, it basically lost (for me), the only advantage it held over SLR's - size/pocketability.
Of course, if you're just going to use the pancake, this won't be a problem.
Personally, I'm curious about the LX5. I wish it wasn't so expensive as I need to replace our small Canon.