I strongly suspect a video-centric camera - more of an "affordable RED" than a shot right at the A7rIII and the Z7 (assuming very high resolution). Unless the lenses were real Leicas (not Leica-branded Panasonics), what would convince anyone to choose Panasonic over either Sony's mature system or Nikon's ergonomics and F-mount compatibility?
Now, what it if it were capable of 4Kp120 and 1080p480 video? What if it had a codec running close to a gigabit per second (the GH5 is 400 megabits)? It would have to use XQD cards, but they can handle those speeds... That would be differentiating from anything else on the market. It might not be the best still camera around (although still quite credible), but it would be a better video camera than anything remotely near its price - shades of the early GH line before Sony and now Fuji came close.