First shot done. As I said these are in no way scientific but I think they might represent something because I took them how I would use each camera in the real world.
No editing 100% crops at ISO1600.
GF2
mkIV
Of note here are two things. The mkIV does have way lower noise at a pixel peeping level. It's up to the individual to assess if this of major concern.
More importantly for real world shooting I was trying to not limit the DOF too much and with the mkIV and it's 1.3x crop sensor this meant shooting at f8 and with the GF2 at f3.2 with it's 2x crop. These values are based of the DOF calculator program based on getting around 4 feet of focus in each case.
The important part though is that with the mkIV despite it's high ISO capabilities when doing this test at ISO1600 the resulting shutter speed asn't as high as I would have liked. This produces a slightly blurred shot, whereas the GF2 was able to produce a much sharper one as the shutter speed was way higher. Of course I could have racked the ISO up on the mkIV but it wouldn't have been a like for like test then.
These two I HAVE edited. I have deliberately not treated these images the same because I don't do that in the real world. I have edited them exactly as I would have done if I was just shooting the subject normally and wanted to upload them. Of course I don't usually take shots of shaving cream though.
GF2
mkIV
They came out actually quite similar when cropped to 1000px on the long side. This is what I would crop to for web display. How it would look when printed I don't know. If someone with a printer wants the files to test I would be interested in the results.
The biggest difference I can see is that the out of focus parts of the GF2 image show a lot more noise than those of the mkIV image. If you look at the two images you will see that the DOF is not really the same despite what the DOF software calculated. I think the GF2 image would be more like for like if it's aperture was upped a bit. Make of that what you will be I think you can imaging/guestimate what the differences might be if the DOF was more similar.
I am going to do more around the house later on. What do you all think? It's better to get someone else's opinion who hasn't edited them as I always think when you spend some time editing your own images you become much more critical of them having seen all the "behind the scenes" stuff.