No it doesn't. The movie icon on the GF1 dial has "P" next to it, unlike the "M" next to the GH1.
This is what has me confused. It's straight from the press release:
"The GF1 also provides a colour mode, film mode and carries over 11 different scene modes from photo scene modes in movie recording. Motion picture Program mode that lets you change the aperture and the shutter speed for more creative HD movie recording. You can try professional-like movie recording with these variety of options like you do with photo recording".
There is also a mention on imaging-resource (I think, I've read so much the past 2 daze I can't remember what I saw where) that said the aperture was adjustable while recording. But dpreview says no manual nuttin