It should be stated that this video was shot with Auto settings on everything. So the shutter speed is obviously way too fast on the GH1 and GH2 resulting in choppy video with the guy playing on the drums. This was also a un-hacked gh1 and pre-production GH2. Here is a good example of the GH2 in the hands of someone that knows what they are doing.
Looks more like some sort of internal gamma S-curve in the camcorder than a true dynamic range increase. Also,,,what mode where they shooting on the DSLR? I ask because when they put the buildings side by side...the roof on the GH-1 was dark...and then all of a sudden became brighter (while shooting the same exact scene as the other two).
Tests like these should make one question all of the variables.
Edit: Ok...didn't see gunstarhero's post when posting mine. This makes sense.
Perhaps put all the comparison clips on Vimeo in it's native form will be a better way to determine the quality. The TM750 is obviously shooting 1080 60p so web video really dosn't do it justice.
Perceived quality is subjective. In audio terms, even though measurable quality may be lower, perceived musicality can be higher. Ultimately it is all about the quality of the 'noise'.
To me the Gh1 looks more organic than the Gh2.