The GF1 employs the Micro Four Thirds standard which means the lenses are removable - a DLSR at half the size of standard DLSR's. I can see this easily replacing my Canon Kiss 2.
The body alone is expected to be about 70000 yen. There will be two lens kits.
One with the H-H020 G 20mm/F1.7 ASPH Pancake lens and the other kit with the LUMIX G VARIO 14-45mm/F3.5-5.6 ASPH/MEGA O.I.S. The lens kits will be about 90000 yen.
Goes on sale in Japan week after next on the 18th - expect a review ^o^
Love the Lumix LX3 but want to get a bit more oomph from my photos and will upgrade to the GF1