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Question: GH1 versus GF1 at 720

Is there a difference between 720 HD shot on the GH1 and 720 HD shot on the GF1? At 720 HD is the quality the same on both? Does the GH1 have a higher bitrate? If I won't be shooting 1080 am I just as well off with the less expensive GF1? $800 versus $1500.