The GH-1, as it stands-- unless the camera is locked @ 17mbps in 1080/24-- is a 720P camera.
I think you're in error to blame the VBR for the issue in 1080. The variable mitigates the issue you are seeing, allowing frames with more motion to use more bandwidth.
The thing is, both the 720 and 1080 shooting modes are 17Mbps. So, for whatever reason (lower differences between frames, lower resolution) the quality is holding up better to your eye at 720 than 1080.
But its not VBR that's the problem.
Lobbying for the 1080 to be at 24Mbps would be fine... but VBR can only lessen the issue you're seeing, I believe, its not the source of the issue.
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