Ok, so I caved and bought one. Got the GXR body, A12 28mm f/2.5 camera module, GV-2 optical finder.
It's delightful. First compact that seems just right. Controls are well laid out and easy to work even for my big mitts. They way they interact in use is remarkably thoughtful, whomever did this design deserves an award. The A12 28mm is a very fine lens. The sensor seems very good indeed right up to ISO 1600 with ISO 3200 still usable. AF is occasionally a little tetchy but the combination of spot AF and quick flip over to MF, plus Snap focusing modes, completely eliminates any problems.
There's a host of stuff I haven't even looked at yet like an intervalometer built in, video capture, etc. Amazing. What really gets me is how usable it is even while being so small and light.
I posted some quickie photos in the image thread ...
I blame Keith. Now when will that darn M lens camera module ship?