Is this the Leica R-mount solution?

Stefan Daniel (Leica Product Manager) said that “there will be a good solution that allows us to use our R-lenses on a digital body.” Today Panasonic announced the GF1 M4/3 camera and with it a R-mount adapter:

Here is the Leica R mount lens compatibility table:

Here are some pictures of this adapter in action:

Images via stranger_than_Tokyo @ flickr