^The last of these is close to what the Lumix DMC-FZ28k uses. By contrast the G1 uses the fourth from the last. In other words it's much larger. That gives it an advantage in terms of high ISO performance, dynamic range, and DOF control. Additionally an interchangeable lens system still gives you more flexibility with your options than a single fixed "megazoom".
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$297 - Panasonic Lumix DMC-FZ28K 10MP Digital Camera with 18x Wide Angle MEGA Optical Image Stabilized Zoom (Black)
http://12tb.com/lookup/Photo/502394/B001CCLBSU/Panasonic__Lumix_DMC-FZ28K_10MP_Digital_Camera_with_18x_Wide_Angle_MEGA_Optical_Image_Stabilized_Zoom_(Black)
http://upload.wikimedia.org/wikipedia/commons/thumb/e/ec/SensorSizes.png/431px-SensorSizes.png
^The last of these is close to what the Lumix DMC-FZ28k uses. By contrast the G1 uses the fourth from the last. In other words it's much larger. That gives it an advantage in terms of high ISO performance, dynamic range, and DOF control. Additionally an interchangeable lens system still gives you more flexibility with your options than a single fixed "megazoom".