The GF3 also has a 40-150mm lens that costs $300, making it nearly as expensive as this kit, as long as we're comparing apples to apples. Plus, this camera can track motion using phase detect, and you can buy an adapter to use Nikon AF-S lenses on it. $180 for a 55-200mm VR lens that becomes a Safari length 150-540mm equivalent or a 55-300mm that becomes a 150-810mm? Yes please! Plus, since you already have an adapter, you can then buy the 35mm f/1.8 and have a portrait lens for less than $200. I wouldn't say that the GF3 is a better camera necessarily. The J1, while it has a smaller sensor, has better dynamic range and colors, even if the high ISO performance is expectedly low. The J1 has some innovative features like motion snapshot, 60 fps, an amazingly accurate light meter, etc. that make it fun. If you're going to be doing high ISO photography you want a NEX-C3 or NEX-5n anyway, so this camera could be the choice for people wanting better-than-pocket digicam photos that can do it all, such as take photos of your pets/friends/kids playing in the front yard or school sports.
If you're a Nikon DSLR user that already has a stable of lenses, it makes this an even better choice.
I'm curious. Does the VR work with those lenses on this camera? 810mm equivalent with a tiny body with no balance seems tough to get a clean shot without keeping it at 1/1000.