While I am waiting for my replacement Panasonic GF1 I thought you would find this amusing if you are trying to decide between the two cameras. Everyone wants to know about noise. Neither of these cameras bother me in that regard as I explained in this post regarding E-P1. In normal image making scenarios you would hope that this level of noise would be overwhelmed by detail and an interesting image. I won't make much of a judgement here - you decide what camera is better for yourself. These are Aperture screen shots so you can see what I see. I will say that the Olympus JPEG engine shines (again) with it's "normal" settings. The Panasonic JPEG engine is actually quite good but nowhere near as capable in the noise department.
To be blunt - either of these RAW files could be run through any one of a couple of different de-noisers and look pretty much perfect. I know Nik DFINE does it. I doubt that these cameras will ever see the north side of 800 ISO in my hands but here is what "bad" noise looks like on these two itty bitty cameras. In prints the images look fine.
Here are the JPEGS
Here are the RAWs with no noise reduction.
Yea, yea I know the color is a little different and the DOF is different just look areas where you can judge the easiest.
Ps. If anyone is interested I will show you the comparison at 3200 as well - there the Olympus blows the Panasonic GF1 away due to the GF1 having "banding" in the noise pattern, the GF1 doesn't even allow 6400.