Panasonic has teamed up with Olympus to produce an interchangable-lens camera with the third Micro Four Thirds sensor.

Says LikeCool:
Compared the Olympus E-P1, they are very similar: Same 12.1 MP sensor, same 720p video and HDMI-out and same $900 kit price. But the main differences between this and the Olympus EP-1, a pop-up flash (Lumix GF1 with, the E-P1 has none, the E-P1's flash is a $200 attachment).

The Lumix GF1 ($900) features include a 3" LCD with 460k dots(no optical viewfinder), image stabilization, face detection and HD video recording in 1280 x 720 and ISO of up to 3200. It includes a Lumix G 20mm f/1.7 aspherical lens.