Now that I think about it, there is a feature missing from the panasonic. A... full frame sensor...
Yup, that's one big factor keeping me away from Fuji (or any compact system really), a good telephoto lens is the other. (Since telephoto applications work well with crop sensors all I need is a high quality 400mm lens to go with the XT-1 and I'm sold on that setup.)
Bottom line, I know they're going to have to upgrade to full frame to stay competitive eventually, and when they do it's not going to be compatible with their current lenses, so the whole system is just a bad long term investment.