Check out the real panasonics, FZ15 and FZ20. Both are bigger than that, but both have much better lenses than that olympus. The FZ20 has a hotshoe for zoom, which the FZ15 does not, otherwise they are identical, except for the FZ15 is 4MP vs 5MP for the panasonic. Review is availableh here:
http://www.dpreview.com/reviews/panasonicfz20/
Fz4 and 5 aren't out yet. The Fz3 is, it is a smaller version of the FZ15/20 with the same specs on the lens. It can be had for about $320. It's probably what Jackebear was talking about. It's a 3MP compact with a 12x image stablized constant F2.8 Leica Lens. To use a uv filter, you do indeed need the adapter, but the adapter actually sits nealy flush with the lens when the camera is on. I actually like the design a lot as it adds quite a bit of protection for the lens when it's off and allows for the attachement of a hood while it's on. Fz4 and Fz5 will be out in a month or so with 4MP and 5MP sensors respectively, with slightly worse lenses.