Congratulations on your forthcoming milestone (note: not spelled "millstone" :-)
Specwise, the Panny looks good, with--most importantly for backpackers--a true wide angle lens, which is a Leica to boot. It's got modes aplenty to handle a variety of settings and situations. It's compact and light for a camera of this class.
I'll caution about a few things as well. There's no viewfinder, so make very sure you can see the LCD panel in direct sunlight (test it outdoors with the sun coming over your shoulder), and that your eyes can focus on the viewscreen for careful composition. Personally, this limitation would be a deal-killer for me. There's no RAW mode, which is important to folks who want maximum image quality and to bypass in-camera processing, for which Panasonic has a historically heavy hand. There's no image stabilization, which limits the long tele lens' usefulness in less than perfect conditions, and will have you reaching for a tripod or other camera support in dim light. This is exacerbated by the relatively slow lens. Finally, there's no manual control of several key camera parameters, which again will bother more advanced shooters. [correction: it does have IS]
In sum, I'm certain it can produce wonderful images given the Leica heritage. But it likely won't be the best camera for spotty shooting conditions or for advanced photographers. In any case, I'd definitely try before buying to ensure you're comfortable with composing and focusing in actual field conditions.