They are both wonderful P&S compact cameras, among the best I would say. Once you get into this price range, you're breathing the rarefied air of Leica and Contax, so they better be good.
I have also been looking for a nice compact shooter in this price range so I understand your perspective. Shelling out $400+ for a ten year old point-and-shoot film camera is not to be taken lightly. 🙂
Feature-wise, both cameras are similar ... one thing that was quite telling for me was browsing sample images on Flickr.
I searched and located galleries for both cameras, as well as the Contax T3 (another unit I'm considering) and also the Nikon 35ti (yet another great P&S).
Surprisingly, just from browsing the thumbnails, I was able to discern that the Fuji has a definite amount of what appears to be vignetting ... it's not unpleasant, but it's there. At first I thought the 'darkened periphery' was due to improper scanning technique, but far too many Fuji images seemed to have this quality.
On the other hand, the Fuji images are very sharp, and have wonderful DOF/bokeh ... color rendering is nice as well.
When I compared the Fuji gallery to the Nikon 35ti and the Contax T3 groups, I did not see this same amount of vignetting. The 35ti and Contax T3 seemed to be a touch sharper as well, but just a hair.
And finally, what about the Ricoh? Well, at first I was hesitant about considering the Ricoh -- it doesn't have the same brand recognition as Contax or Nikon ... but after reading reviews and going through the Flickr galleries for a quick and dirty image comparo, I find that the images are pretty much as good as the Nikon. As good as the T3, even. Plus, the Ricoh has a very pocketable design, and I really like the built-in hyperfocal mode for street shots.
Final verdict: IMHO, I'd choose the Ricoh. There seems to be a lot of them floating around, and you can pick one up (if you're patient) for the $300+ range, which is considerably cheaper than the Fuji, which seems to always be trading around the $450-500 mark. Save the $100 and buy yourself 20 rolls of Ektar 100. That's what I'm gonna do.
🙂