As previously posted, I was leaning towards giving micro 4/3rds a fair shake - but I just can't get the results I can from the Canon equipment. As I said, I would have to move to the 7D or 5D to get a bigger viewfinder. While they are indeed more expensive than the Panasonic bodies, they are more capable for what I do... So, I've sold my GF1 and gone back to the G12 and put the proceeds towards an update of my 40D to the 7D. Goals I have in mind:
1. Current model for high resolution in stock photography at base ISO. If I'm ahead of the curve now, the images I upload today will be current for longer.
2. Smaller RAW sizes (sRAW), lower noise high ISO for personal shots that don't demand high resolution. This is an area the micro four thirds system falls short...
3. Better AF. Microadjust for primes, zone focusing, AF tracking, point focus, etc. I've very curious to see how the 7D's point focus mode works. With my 40D I very often find that shooting a flat target is very accurate, but I get front focus when shooting something on an angle like a face. I don't think this is a microadjust problem but the physical size of the AF area picking up the front edge of the subject. Smaller AF targets should help nail the eye of the person.
5. Wireless flash - sell the ST-E2 and get the flash control without any physical add-on to the body. Sell the 40D as well.
6. Bigger viewfinder. 5D Mk II would be even nicer, of course, but the extra $1000 goes a long way with 4 kids... The original 5D is an option as well, but used they seem to be closer to $1200 or more if you want a low shutter count. For what I do I think full frame is overkill, and suddenly my 24-105mm doesn't zoom enough, etc. A 7D replaces my 40D, while a 5D would supplement it - meaning I can't sell the 40D to help pay for it.
7. More customizable camera. The more I like using my camera the more I bring it and use it - and the better the photos that result from that... I love the little details on the 7D: depth of field button can be used to toggle AF modes, LCD viewfinder hides non active AF points, AF in live view, etc.
We'll see how happy I am with it in a few months :)