Ok, I think I've spent enough time with the G11 to have a solid opinion of the camera.
Verdict:
I like it
I thought originally I would use it exclusively for travel but I don't think that's going to happen. I'm packing for my international trip tonight and I've packed the 1D and a couple of lenses. I won't be able to shoot just the G11 I'm afraid, but it will be with me all day every day while the 1D will only be taken out over the weekend.
I love the size of the G11. It gave me the opportunity to shoot shots I would have never gotten with a DSLR. I drove with it on my lap and shot some great pics out the window while driving slowly through the desert. Here are a few samples.
It also did surprisingly well with shots like this one where the sun was pretty much right in my face (you can see it just to the left). I wanted to see how bad the lens flare might be, as you can see the camera did a great job metering and also avoiding bad flare.
Now that I've had a chance to review the images on a 27" desktop, I'm happy to report the images are very sharp and clean. Given the relatively small sensor I was concerned how well it would do with high ISO and general sharpness. I'm quite impressed with the performance.
I would say it was a $420 well spent.