Yes, it's the correct battery and the needle responds correctly to light. I'll also add that when I switch over to "FLASH" mode (1/30s), no matter what GN (f-stop) is selected, the shutter/apertures opens correctly but is very slow to close -- just as in Auto-exposure mode.
I'm not going to spend much time with it, I've got a very nice G2, and expect delivery of a GF in a couple of days. The GF has three, manually set aperture settings (f4, f8, f16) that are Waterhouse stops, and two manually set shutter speeds (1/30 & 1/125), so what could go wrong?