Given the issues discussed in the previous two slides, I decided to base my noise comparisons on color-corrected raw versions of our test shots, using Adobe Camera Raw to process the shots. This is really what I expected to see from the JPEG shots: a bit soft but usable up to and including ISO 400, but noisy and degraded beyond that.
That said, I really don't think the Panasonic's JPEG processing can be trusted for indoor shots on auto white balance. My experience outdoors, where the auto white balance seems to operate quite well, produced much better results.
Photo credit: CNET Labs