Jason (look for Jason in the comments) seems to know more that we can imagine…
“The GH1 is a pretty good option for HD video in a DSLR, actually one of the best currently available. The still image quality, however, is one of its biggest weaknesses. The introduction of a new semi-pro “full-size” Olympus Four Thirds camera is coming soon. It will have HD video, along with excellent still image quality. It will combined everything Olympus and Panasonic have done up until now, resulting in one of the best all around cameras on the market. And, as always, you can quote me on that.”
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Stills from GH1 are better than stills from E-3 and similar to E-30 and E-P1 so this rumor is probably true. Why I think so? It looks like a comment made by someone from Olympus PR department.