"It's a great dSLR, but it's not for everyone..."4.5 starson by danshan2001
Pros: Value ($1299 at Costco.com), best kit lens available, powerful features, tough-as-nails body, intuitive ease of use, live view, classic aesthetic, bounce flash
Cons: Some noise in low light at high ISO; support website for firmware update has a serious typo causing confusion and splitting headache
Summary: It's a great dSLR, but it's not for everyone... the styling and ergonomics might be too retro for some. It's not really a sports shooter. It's lay-out may be too reminiscent of a manual SLR.
The thing is, a camera is a tool, and whatever makes you feel most comfortable will help you shoot better. The L1 is pure mastercrafted old-school simplicity. For those who love the feel of the Leica M, who hate buttons and menu mazes, and are most at home working with an aperture ring and a shutter-speed dial, this is absolutely the camera for you.
As for the 4/3 system, there are a lot of haters out there who can't stand the thought of anything new, different or innovative. If you're worried about low light high ISO noise on account of the smaller 4/3 sensor, get a tripod and shoot at lower ISO, or just buy a Canon 30D if shooting pillow fights by candle light is your thing. Otherwise, the L1 is the best mid-range DSLR value out there.