According to this well-known Chinese forum, Panasonic are close to announcing their own version of the Olympus Pen E-P1. Dubbed the GF1, the mFT camera looks a lot like the firm's high-end LX3 digital compact.
Not much can be gleaned from the site or from the photos except for the lack of an EVF but it looks like it has a pop-up, built-in flash, and note the addition of the HD moniker on the front plate and the AVCHD Lite logo, which identifies the GF1 as recording 720p video.
Also interesting are the two lenses; they show a Leica-branded Macro Elmarit 45mm /2.8 (90mm-e f/2.8), seemingly confirming the rumor that Leica are about to introduce mFT lenses. The other, a 20mm (40mm-e) f/2.8? could be a Leica objective, but is more likely to be Lumix (Panasonic) branded.
Please feel free to make comments. Do you think this is fake? The Leica 45mm (90m-e) macro, for instance, could be faked. The Forum shows a Lumix version, so maybe the lens is real (for the GH1) but the body has been faked using the LX3 as a guide. Let me know what you think. Panasonic has seen this, and they've not come back to me, as yet, with any comments. If it were fake, they would say, wouldn't they?
Update: see here for the official announcement of the Lumix GF1.