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There are a few issues. Evidently the lens has a fair amount of barrel distortion that is automatically corrected by the raw conversion software. They use a proprietary raw format (booo!), and right now only the software they ship (SilkyPix for Panny, CaptureOne for Leica) can deal with the format...except for RawDeveloper if you play some tricks. In the end I guess that is just physics and the reality of digital - you can't really separate the glass from the software.
24-60mm equivalent is not going to be long enough for some, but it is what it is. The noise though is impressive. They opted out of the MP race and instead focused on making the sensor a little larger and quieter. I wish more manufacturers would do that. From the test photos I've seen iso 800 is totally usable, and as you see above 1600 will work for many/most applications. It isn't dSLR quality but frankly I did some pixel peeping last night of some shots taken in my apt in brutally low light and the difference between this camera and my K20d were not night and day.
In short, they got a lot right on this camera. They listened to users and added 4 custom settings on the selector (like the "my" settings on the Ricoh), added a hot shoe, and didn't try to shove more pixels on the sensor. Not perfect, but every camera is a compromise.
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