The conversion has already been done for you in the promotional material for the FZ70. It's 60X zoom is stated to be
equivalent to 20mm to 1200mm on "full frame" or 24 x 36mm (approx.) sensor such as is in Nikon FX camera. The actual focal length range of the Panasonic's lens is 3.58mm to 215mm. (And, by dividing 1200 by 215, we can extrapolate that the conversion factor is roughly 5.6x.)
And the FZ70 uses a 1/2.3" size CMOS sensor, according to B&H Photo website. This is one of the smallest size sensors used in cameras (phones and other applications use some smaller). The area of a 1/2.3" sensor is about 25 square mm... while the area of a "full frame" sensor is about 864 square mm.
Camera manufacturers use the super small sensors in order to be able to use extremely wide ranging zoom lenses, like you see on this camera. A comparable zoom on a full frame camera would be about the size and weight of a small car... and would cost more than most. FYI, there's a Canon EF 1200mm f5.6L "full frame" lens available used at B&H for $180,000. It's discontinued now, was only available by special order for close to $100,000 when still being made. Only 20 were ever manufactured, it's nearly 3 feet long and weighs over 36 lbs.
Still, that Canon is only a prime lens... a 60X zoom for full frame covering 20mm to 1200mm would be much, much, much bigger and heavier! This "full frame" capable zoom is only a 200-500mm f2.8...
http://2.static.img-dpreview.com/files/w/TS560x560?url=http%3A%2F%2Ftambnguyen.com%2Fwp-content%2Fuploads%2F2012%2F04%2F01b151c88da08ddc655c0210.L.jpg&signature=PcYbTFKVguesW%2FRuoKNSn1LnUFQ%3D300mm is a fairly powerful telephoto lens on a full frame camera... 1200mm is insanely long! I hope the OIS is very effective on the FZ70, since it would be near impossible to handhold a 1200mm lens normally.
The Angle of View (measured diagonally) of a "normal" lens is about 48 degrees. It's roughly 95 degrees for a 20mm wide angle, just over 8 degrees for a 300mm lens and only slightly over 2 degrees with a 1200mm lens (or 1200mm equivalent). It would be hard to even line up on a tiny, distant subject with 1200mm (it's already hard enough with 500 and 600mm lenses).
It's actually quite surprising how good image quality they are managing to get out of those tiny sensors and extremely wide ranging zooms... But it's nowhere close to what image quality is possible with a DSLR using a much, much larger sensor. Jamming 16MP into a sensor with only 25mm sq area, then comparing it with 24MP to 36MP in a sensor with 864mm sq... That's 640,000 pixel sites per square mm on the tiny sensor versus 28,000 to 42,000 per sq. mm on the FF. It hardly seems fair!
For more info about sensor sizes, I'd suggest you start here:
https://en.wikipedia.org/wiki/Image_sensor_format