So I took the XZ-1 out for a spin yesterday and spent about an hour with it. Overall it is a very nice camera, and I can see why you really like it. The woman behind the counter described it as the coolest camera on earth. AF is fast, and the image quality looks to be at least equal to the LX95. However, despite the fact that these two cameras have nearly the same form factor, I decided to stick with the LX5 in the end and here's why.
- XZ-1 Lens advantage is more reach, while the LX5 is wider at 24mm. For me, I'd prefer the wider lens to the additional length. Also, although the Zuiko lens is f/1.8, the f/2.0 lens on the LX5 is only 1/3 stop slower, so this faster lens does not overcome the wider lens on the LX5 for me.
- The LX5 has a more flexible movie mode. The XZ-1 saves in M-JPEG only while the LX5 can also record in ACVHD Lite. I plan on ditching my video camera after I make this purchase.
- The LX5 has a multi-aspect ratio sensor so all of the aspect ratios have about 10mp, whereas the XZ-1 crops the sensor to achieve a different aspect ratio. Not really a problem because I would just do any aspect ratio change in PP in that case, but it is nice not to lose any pixels.
- The LX5 has a physical switch to change focus mode and I found the XZ-1 to be a little cumbersome to change through the menus. I am not talking about switching between the manual/AF modes, but between the AF and AF Macro modes.
- There is no AEL/AF button on the XZ-1 which I think will cause a problem with a focus/recompose technique. I tend to do that a lot for snapshots and family pics.
- The XZ-1 handled very well, but I like the handgrip better on the LX5. Because the lens sticks out anyway, I don't think it detracts from the compactness of it and it feels better in my hands and I feel more secure holding it.
Anyway, YMMV, but I thought it worth stating my reasoning.