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I have found that my GH2 is better in most everything than my gh1 hacked with "C" settings, and that includes highly detailed scenes. Yes, it shocked me but I setup my cameras side by side and compared images. The GH1's image is softer and still had slightly more blocking/mud than the gh2.
The single thing I like about the gh1 more than the GH2 is the motion blur.
As bitcrusher says it's better but not "night and day" better...at least in terms of image quality. I think it's noticibly sharper though (sharper as in more detailed....not in video-like harshness).. But in terms of features (like low light and EX tele)...it's much better. Gone are the issues of FPN when using high ISOs. I was in denial when I had my GH-1(3)...but when someone pointed it out to me the first time....I got real anal about it....and it bothered me ever since.Ian, i am interested to know some of your conclusions with the new 'toy', now that you examine it first hand.
Of course overall GH2 is better in my view especially regarding colour at high ISOs... But it does underexpose at the same ISO compared to the GH1, so actually ISO 1600 on the GH2 is more like 800 on the GH1 and so it's lower noise isn't as low as it seems! The GH1 has a nice cinematic image... The GH2 is a technical improvement but contains very little improvement in 'feel', it still has quite an electronic look and the much higher sharpness and detail doesn't help in that regard. Best to use low-fi lenses if you can, put the life back into the image.
Apart from that, absolutely love mine. Makes the Canon video image look like mud half the time. In stills mode however, opposite is true!!