The GH1 and GF1 standard 720p60 AVCHD mode uses a 30-frame GOP, with one key frame every half-second. If the codec lacks enough bitrate to fully encode a key frame, many of the details in that frame will turn muddy. In the 29 following P-frames, the codec will have many opportunities to improve the resolution with more finely-encoded details. If the key frames end up with significantly lower resolution than the P-frames, you'll see the video suddenly get blurry at a steady rate of two times a second. This 2fps rate would be readily perceptible as a "pulse".The issue that I am talking about is a "pulsing" that happens at regular intervals throughout the footage. With the 60p footage it seems to be about every 30 frames.
The 40Mbps AVCHD High Reliability Patch retains the standard 30-frame GOP for 720p60 video mode. In my 50Mbps AVCHD Fast Action Patch, I was able to use a 3-frame GOP in 720p30 mode. Any pulses that may be produced with this 3-frame GOP would occur at a rate of 10fps, which is frequent enough that key frames would not be perceived as individual pulses.