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In some situations, the GH1 may have a lot of banding when shooting in low light. And the codec is weaker than the HMC. It doesn't shot in PH mode. (only the GH2). The HMC is much better in these conditions.Might want to also consider getting a pre-June 2010 Panasonic GH1 and hacking it, the video quality is outstanding. I'm not sure how well it matches the HMC150, I'm sure others have experience however.
Only thing I'm not sure is how the GH1 compares to the T2i for stills photography, considering that is your main reason for getting one.