Chrad

Uh, really?

The resolution of this film is going to be lower than that of the great 65mm epics, which look fine.
Cinema is about suspension of disbelief. Cinema has always captured the actual world in which the set is constructed, but if the filmmaking is good enough the audience forgets about all of that and becomes caught up in the world of the story. I don't see why The Hobbit should work any differently on its audience.

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Good about manual controls.

Out there however on the forums, a lot of people don't seem to understand why the GH3 will be far better. The GH3 is video optimised - different sensor, different read-out of the sensor, different encoding chip. There's no chance the G5 will be any where near the GH3 in terms of image quality.

1080/60p on such a low end camera as the G5 bodes very well for the high end stuff.

In particular, Panasonic have 120fps 720p and a 240fps mode on their FZ and LX updates. They have small sensors but it could be that the GH3 will get 120p as well. So there will still be differentiation between the G5's 1080/60p and the GH3's possible 1080/120p or 720/120p.

Apart from in low light where you'd need a fast shutter speed, 120p is a good format. It divides perfectly by 5 into 24p and perfectly in half for 60p. A very flexible frame rate indeed.
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If Panasonic take this path, I hope they don't forget us PAL landers and add include 100p.

The Rabbits shorts are linked to Lynch's epic Inland Empire, which I think is a masterpiece (but a lot of people have difficulty stomaching).
It should be of particular interest to readers of this site as a perfect illustration of how any piece of equipment can be the right tool for the job when paired with a great artistic mind who understands it. Lynch shot it on the Sony PD-150, lighting and operating himself. He constantly takes advantage of its great low light performance, but he also turns its considerable limitations into crucial parts of the aesthetic. The upscaled SD source, near infinite depth of field and poor dynamic range are harnessed to create some uniquely nightmarish imagery.
It's much more visually interesting and engaging than so many films shot by world class DOPs on top of the line digital cinema cameras and really proves how vision and intelligence come first. As an amateur filmmaker, I found it incredibly inspiring.