I finally got to use it today (with the 22mm "pancake" lens). Outstanding IQ! Can't tell the difference between it and my 60D/40 2.8. Honestly, it's that good...
Such a small, nonthreatening package. I can imagine bringing this to venues that might not allow DSLRs/big lenses and STILL be able to get high-quality shots.
AF seems to be on par with my P&S. Occasionally I notice it has a habit of hunting for several seconds before locking focus but most of the time it's actually reasonable. Even in a pitch black room I was able to focus in a little over a second, which is better than I feared. (My 60D in live view is completely nonfunctional in a similar situation) Where it loses in speed, though, it makes up for in accuracy. No front or back-focus to worry about- it's spot on every time.
For what I'll be using it for, it's good enough. If I need fast I've got the 5DIII anyway.