DPReview has a review of the Panasonic Lumix DMC-L1 and reports-

“For a first attempt at a digital SLR I think it’s fair to say that Panasonic has done a good job, they’ve managed to squeeze better high ISO performance out of the same sensor than Olympus did with the E-330. Panasonic’s noise reduction algorithm tuned to clean up chroma noise but leave as much luminance detail available as possible (the E-330 delivering almost opposite results at ISO 1600). I’d be quite comfortable shooting the DMC-L1 up to ISO 800 and know that while there would be some noise visible at ISO 1600 it would at least have a ’film grain’ look rather than the digital chroma noise effect. Color balance was also good with a surprisingly mature, conservative approach which avoids over-saturating images while delivering natural looking images (no Disney blues or reds here). If you want your images a bit punchier (from a color point of view) you can always opt to turn up saturation in the Film Mode menu. The L1 also delivered good reliable automatic white balance performance, something often ’skipped’ when considering a camera but something which can make a real (and often difficult to reverse) impact on your snapshot type photos.”

Panasonic DMC-L1 7.5MP Digital SLR Camera with Leica 14-50mm Mega O.I.S. Lens