OK, so perhaps I've underestimated the camera. Check out this short some guys shot in the Philippines in two days. (Not embedded here because it wouldn't be HD.) That's pretty gorgeous stuff there. I'm really in awe. With the street price for the body looking like $1,500, perhaps there will be a second body in my future. In fact, I'd be willing to sell my Panasonic even.
My concern about the unit is the small sensor, but look at how clean that stuff is. Those guys didn't do any retouching, and it's pretty clean. They've used some pretty expensive lenses (the wide zoom would be a good investment with the field crop), but I own the 50mm they used, and my 24-105mm would be solid on it as well, effectively a 38-168mm.
Once it's released for real, I look forward to seeing how people are really using it, and what their post workflow is. My suspicion is that there will be a lot of transcoding for people, maybe to ProRes (those guys used XDcam). If the compression doesn't fall apart, and it doesn't look like it does, that would be pretty solid.
Of course, for cinema style, it needs a good rig like the Redrock Micro stuff, and definitely a good audio interface. Definitely something I'll be thinking about.