Leica knock-off? You've got it backwards, the leica compacts and 4/3 cameras are knockoffs of the Pannys.
Just because it's shaped like a rangefinder and has manual control dials doesn't mean leica designed it. If we want to be really specific, the Panasonic is a knock-off of Oly's E-330, except that the body/UI and firmware are totally different.
But I guess we'll have to disagree on the L1's aesthetics. I don't find it particularly large, in fact the clean lines of it reduce the "practical" size of it (viewfinder humps and etc sorta snag on things) and I suppose the clean lines of it are part of what I love, along with the simple, functional UI. I used to use an E-330 and despite its shortcomings (mostly sensor-based) it was a really nice camera. So I think I'd like an L1, plus the Oly 25mm pancake to put on the lensmount.