I think this camera will fail, the fuji X10 lens is a full stop faster at the wide end and 2 full stops faster at the long end! not to mention its smaller, and the fuji looks retro
I will try to use the explanations of Neuro on the comparison between the EF-S 17-55mm f/2.8 and the EF 24-105mm f/4:
The EF-S lens that has had some full frame users jealous for a while.
Not the educated ones, who would know that the EF-S 17-55mm f/2.8 IS on a crop body is out-spec'd by the EF 24-105mm f/4L IS used on FF, since the FF-equivalent of 17-55mm f/2.8 is 27-88mm f/4.5 (becuase the crop factor affects aperture in terms of DoF for equivalent framing), and the 1-stop effect on shutter speed is more than compensated for bu the 1.33-stop improvement in ISO noise with the additional light gathering ability of a FF sensor). So, the 24-105 on FF is wider, longer, and faster than the 17-55mm on crop, still has IS, and is weather-sealed with L-quality build to match.
The sensor sizes of the G1 X and the Fuji X10 are respectively 1.5" and 2/3", so the sensor of the G1 X is 2.25*2.25 larger than the X10's. The two cameras have the same FF-equivalent focal range. However, the maximum aperture range of the X10 is f/2.0-2.8. If we apply the crop factor of 2.25 to convert this to the equivalent aperture range of the 1.5" sensor, we obtain f/4.5-6.3. So the G1 X's lens on its 1.5" sensor is better than the X10's lens on its 2/3" sensor.