As a recent inductee to the M4/3 format, I agree with you. I had been waiting to buy a new camera for a long time, but I just couldnt' wait anymore and decided to splurge on a Panasoinc GF1
I've been using the GF1 almost daily for a couple months now, and while I love the camera, it's not for everyone. I don't know if I would recommend it to someone who's looking for a DSLR, but it really depends on what they're comfortable with. It's a compromise, in this case you get a smaller and lighter camera, but at the expense of other features and image quality. Still, I don't regret buying it (much), although they are overpriced compared to other cameras, but the prices are dropping rapidly as the new factor wears off. If I could have, I would have waited another year or when Nikon releases their mirrorless format, or when Canon comes out with their mini-dslr that's in the works. I may still have gone with Panasonic for other reasons, but at least with more competition the price should drop to below SLR levels.
I know the viewfinder (or lack of) has people split. Some people find it essential, I've never really missed it. Some people consider a camera equpped with anything less than an optical viewfinder merely a toy, but I think with the improvements on digital cameras nowadays they're close to becoming obsolete except in some very specific situations
In any case, I don't think you could go wrong with a Canon or Nikon DSLR, functionally they're almost equivilent. I borrowed one of each to test out, and both performed way above my ability. I was leaning torward Nikon solely because I have quite a few old Nikon lenses, but if I was starting out from scratch I probably would have gotten a Canon because I find their user interface more intuitive. As far as durability, I would consider buying a used DSLR, because the cheaper the camera, the less it hurts when you bang it around. The one good thing about electronics is the prices drop like a rock once new models come out, so you could get perfectly functional cameras for nearly half the price of an identical new one.