I didn't have particularly high expectations when I bought this camera... at least as far as video output, but I must say that after shooting some sample shots in varying light conditions over the last month I am pretty impressed.
Here is one from a concert with the Canon Serenar 85mm f/2.0 LTM
And with the Canon FD 50mm f/1.4
And here are two from my trip to The City yesterday taken with the 50mm f/1.4 while waiting for the MUNI,
I'd be interested to hear other's observations about video from the E-P1 (and other m43 cameras) as well.