A year ago, the ICE Panamera was only a prototype. Now that it's 2009, the ICE production version is only a few months away. I think it's too early to tell. If Jan.2010 comes around and they still don't have a hybrid, then I'll agree with you.
If Lexus is developing a hybrid, then BMW, Mercedes, Porsche, et al. better not just sit there and talk. Heck, Ford is even coming out with a Fusion hybrid in a few months. And, I wouldn't be surprised to see an Infinity G37 hybrid as soon as Nissan gets their hybrids completed.
Even with gasoline down, the hybrid movement still has plenty of momentum. SUV plants continue to close and automakers continue to talk about hybrids. I think GM may be making a DEADLY mistake by thinking alternative fuel vehicles are dead (aka: putting the Volt on hold).

Lexus has hybrids... RX, GS, and LS...

I would love to see Porsche sedans... they are useful...

BMW has hybrid diesels already on the road(in Europe), and has an entire efficiency division, ala M division, called Efficient Dynamics division.

I remember Porsche saying something to this effect at least a couple of years ago. They will be using the same hybrid drive system found on the large GM SUV's, except Porsche's implementation will be similar to the one used on an upcoming Mercedes-Benz S400 BlueHybrid.

The deal/talk between Toyota and Porsche to use HSD broke down back in 2004. Porsche decided to work on their own system. 5 years later, we have yet to see a production Porsche hybrid. The next gen Prius will be out shortly.

If Porsche used HSD, they would have a hybrid by now and probably cost less to develop as well.