Nope, because the single biggest problem that Canon sensors exhibit is rainbow moire and this change does nothing to affect that. The difference in aliasing and moire compared to ANY Canon DSLR to any Panasonic DSLR is night and day. And I say this as a 7D owner who does not have a GH1 or 2. If it wasn't for the AF100 I've already ordered, the GH2 would be next on my list. I've examined A LOT of GH2 footage that has been posted and I've been pretty impressed with areas where the Canons would have had moire failure horribly.
Yep. I had a 7D and the two biggest problems for me was the rainbow moire and the excessive aliasing. A higher bitrate won't improve that, it will probably just make that more apparent. The GH1/2 doesn't suffer from that rainbow moire and I find the aliasing much less noticeable compared to the Canon's.