GF1 vs S95
 

What are the advantages of a GF1 with the 20mm lens over the S95? Or where would one be better off with one or the other?

Low light?
Zoom?
Video?

Size - S95
Low Light - GF1
Zoom - S95
Fun - S95 Accent Mode and Color Swap Modes
Marine Case Snorkeling/Diving - S95
Sharp - Probably dead even, I don't see how the S95 can get any sharper...

low light - gf1. that pancake lens does wonderful things in low light situations, but then so will any lens at f1.7. zoom - well, there's no zoom on the gf1 pancake lens, but 3.8x zoom isn't much. if you get the gf1 later you can get a used 45-200 lens or one of the others for the gf1 and have the best of both worlds.

The S95 is a great little camera but it offers no room for expansion. The GF1 is much cheaper now (I always thought it was over-priced just like the Oly EP2) and also a great little camera. You may be able to find one with the 14-45mm lens instead of the 20mm. That will give you the same reach as the S95. However, the GF1 under-performs the S95 in low light producing noisy images at ISO 800 and above. I'd also consider the Oly EPL1. It's an excellent camera (and cheap).