Panasonic was second up in the announcement queue (the Sony NEX-C3 was first), with the GF3 announced today. I just criticized Olympus (above article) for iteration without moving the bar, and Panasonic is almost as bad.
The US$599 (with kit zoom) GF3 is basically a downsized GF2 with many of the external controls removed and even more reliance on the touch screen. The hot shoe is gone (but the built-in flash isn't), and we're down to a total of four buttons plus control dial, pretty much like a Sony NEX (only the buttons are used differently). The GF3 is still using pretty much the same 12mp m4/3 sensor as before, with image quality improvements being generated mostly by the Venus imaging ASIC changes (JPEG only improvements, of course).
The GF3 and the upcoming Olympus Mini are targeting compact camera users moving up. But it's feeling more and more to me that all that's really happening with m4/3 at the low-end boundary is that it's adding an interchangeable lens. Consider this comparison, for example: a GF3 (m4/3) versus an Olympus XZ-1 (compact):
- GF3: You get a 28-85mm lens that's f/3.5 at the wide end and f/5.3 at the telephoto end. You get a sensor that struggles at ISO 1600.
- XZ-1: You get a 28-112mm equivalent lens that's f/1.8 at the wide end and f/2.5 at the telephoto end. You get a sensor that struggles at ISO 800.
So while the compact camera struggles at at good stop or more lower than the interchangeable lens camera, its faster lens more than negates that difference. Score one for the compact (I'll have a review of the XZ-1 shortly, but the quick take is: I like it, a lot).
Put another way, Panasonic (and soon Olympus) are taking m4/3 pretty much down into compact camera territory. One advantage to them in doing so is that the overall margins are better doing it that way (higher initial price and more accessory sales). But to the customer there's not all that much gain. Compare this to the Sony NEX or Samsung NX, which are taking the size and complexity of their mirrorless cameras down into the compact realm, but is doing so with APS sensors that work well up to ISO 3200. Samsung in particular is one to keep an eye on (they announce their next NX NEX competitors in July), as, like Olympus, they are using collapsing lenses to keep overall size down.