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If the G1X had a lens that retracted flush into the camera body like the rest of the G series, such as the G10 (which I had and liked quite a bit) it would be a great camera.
As it stands though, its just too darn big, especially with how much the lens sticks out, and really too expensive for the performance it offers.
You can pick up a number of m4/3 or Sony NEX models with better performance and access to a far wider selection of lenses, some like the 16-50 making a bit smaller package than the G1X for roughly the same price.
The G1X is just too big, too slow, and too expensive for the IQ it offers.
CSC's can be pretty darn compact and still offer great IQ as m4/3 and the NEX lineup has shown.
Likewise, as Sony has shown with the RX100, a true pocket camera no longer has to have the IQ of a so called "point and shoot".
Game has changed and Canon isn't really keeping up IMHO
Everyone else has some cool and exciting stuff, Fuji with the XE-1, X100 etc and various new lenses, Sony with the NEX6 and some new glass, RX1, RX100, A99, Oly with the new PEN's and EM-5 and a bunch of new glass, Sigma with the DP's, Nikon with the D800 etc
Canon's got some rehashed point and shoots with a small 1/1.7" sensor, a marginal upgrade to the 5DmkII that falls short of the D800 by a good margin and a few other ho hum DSLR's, not to mention a silly little mirrorless offering that seems to have no interest.
They really need to do something big, and fast, because while still a huge company, they hardly are very relevant at least as far as cameras for enthusiast go