If you are coming from P&S, then you may never have shot RAW rather than jpeg.
Jpegs are a compessed image format, designed to save on storage space, they are produced by a piece of software that decides what to throw away, and then simplifies the rest. Burning the results into an easy to view container.
RAW files contain the raw data from the camera sensor (plus any special instuctions from the camera's firmware) they are not 'easily viewable' or designed to be small.
But from the RAW you can use any number of converters; from free ones (that come with the camera) to workflow solutions like Lightroom or Apeture. These RAW converters pretty much let you make you own jpegs with exactly the compromises you want - no more colour woes, ever.
Some people do prefer to shoot jpeg only, because it saves time in post production; but then with any camera, e-pl1, gf1, whatever you need to be much more careful with your white balance and getting exposure right - as you will not have much margin for error, and your ability to 'save' an underexposed, off colour photo will be drastically reduced.
The majority shoot raw and don't look back, it doesn't really matter which m4/3 camera you use; choose one that handles well when you pick it up, and seems intuitive when you are trying to shoot with it. Since from a colour perspective all raw files are made equal (well, some are more equal than others). Hope this helps.