Oh - the 1D Mark II - what a camera!
I had a Rebel, but found it very awkward to hike with.
That's my one complaint with the rebel - when I have my favorite lens on (or really any lens but the 50mm) it's big and heavy, and way too valuable to crash with! I have been eyeing something like your panosonic that I could bring with me more easily. But I've told myself no camera equipment until I stop spending money on the bike!