No, that's not like f/1.2 on a full-frame camera. But you have to consider the sensor size, and thus multiply by the crop factor. Most photographers know this about focal length (50mm on full-frame becomes a 100mm lens on micro four thirds), but it seems people forget that the same goes for aperture. f/1.2 on a full-frame becomes a f/2.4 on m43, so you'll need an even bigger (smaller number) aperture to have the same effect on a smaller sensor.

I'm guessing these sensors are way smaller than m43 even, so that f/1.2 won't produce anything near the stunning bokeh it would on a full-frame camera.