I had an M8 great images of course outstanding lenses - absolutely loved the feel of the camera but I was a very slow operator.
If the subject was stationary then that was fine - probably a good 90%+ hit rate on the focus, but once the subject started to move then my chances of getting the thing focussed in time dropped dramatically.
I was mostly using a Chrome 50mm Summulux so maybe 1.4 is ambitious.
It was also disappointingly loud! No stealth options - this was before the .2 upgrade.
What I like about the GF1 is its small package - much lighter than the M8 + Summilux- I like the 20 mm pancake (quite a good lens) - unashamedly I use the Auto Focus - I have a Leicatime wrist strap and can walk all day with it hanging from my hand read to go. It has an unobtrusive low key feel of the point-n-shoot holiday makers and I do not scream at people - professional - well one has to dream
..
At the moment I am carrying both with me, but the D700 is staying in my backpack and the GF1 is at my wrist.