I think the only viable compact out there is the Ricoh GRD series (GRD III), simply because it is the only one of the bunch that has the ergonomics and feature set of a serious photographic tool. To be specific it is the only camera of the group that has extensive controls for scale focusing, which is the make or break feature in my book.
Take the LX3 / Dlux-4 for instance. Great image quality, great lens, compact size.
But you can't set the zoom to a specific focal length (24,28,35,50,60mm),
which makes it impossible to use external viewfinders, except at the widest and longest range of the zoom.
The zoom rocker is quite sensitive, making it difficult to adjust framing.
Also the camera shuts itself off after a set period of time, thus resetting where you had set the zoom.
The screen has a certain amount of lag, so it is no good for decisive moment shots. That's why these cameras need a bright-line finders or good optical viewfinder. Of course you can't see what the AF is aiming at with the brightline finder, which brings us to the next point.
Prefocusing at a specific distance is very limited. After 2 meters the focus indicator jumps to infinity. This makes scale focusing very difficult or impossible, limiting the usefulness of the camera, when it comes to making action shots.
The aperture / shutter speed controls are handled by a single, tiny joystick. It works well if you are not in a hurry, but otherwise forget it.
I spent about a week with the LX3 and it's the best digital P&S I've ever used, if all you wanted to do was take pictures of static subjects, the family standing in front of landmarks on vacation etc.
Yes, people have made some great street shots with this camera, but it is a little something of a crap shoot. You never feel like you have instant control and a certain amount of luck is needed to make anything but a static shot.
I have similar feelings about the G10.
Again, the scale focusing options are limited. I don't think you can set the zoom to a specific focal length. At least it has an optical viewfinder, but it's coverage is 77%, which makes it difficult to accurately compose a shot. Like all LCD screens and EVF there is a certain amount of lag, making it difficult to make shots, where split second timing is vital.
The Sigma DP2 also seems to get the scale focusing part right, but by most accounts it is quite quirky in many other areas. I've heard nothing but bad things about the AF system and apparently the screen is mediocre at best. The GUI is improved from the DP1, but still something of a mess.
The Oly EP-1 has many of the same problems as the other cameras. Again the scale focusing setup is not as good as that of the Ricoh and the LCD display is sluggish.
The Ricoh GR-D series (now in it's 3rd incarnation) on the other hand was designed for serious photographers.
For starters it has extensive options for scale focusing, including a very clever DOF display. Very nicely done.
Because it uses a fast prime lens you only need one bright-line finder. Obviously you still don't get the AF indicator with the bright-line finder, but the scale focusing modes are so sophisticated that with the extra DOF of the reduced size sensor it's a totally useable setup.
Aperture and shutter speed are on dials, like a DSLR.
The list goes on and on. I highly recommend downloading the manual for the GRD III and examining it's feature set.
The biggest problem with the GRD III is price and sensor size.
With the optical viewfinder you're looking at a lot of money (close to $1000?) for a small sensor camera. That's a lot of cash. You can get a low end DSLR or M4/3 for that money.
Above 400 asa it falls behind M4/3 and any upcoming APS-C camera in this category.
Ricoh also dropped the teleconverter (28mm -> 40mm), but it may resurface.
Scale focusing really is the Achilles heel of almost all of these cameras.
Think of the old LTM bodies. These were very basic cameras and in many ways similar to these digital compacts. Leica got a specific set of features right that made them viable tools for a certain type of shooting.
- Full control over scale focusing in light of the absence of a combined RF or mirror box etc.
- Good brightline viewfinders for realtime, reasonably accurate framing.
- Fast access to shutter and aperture controls
- Crisp shutter release
The EVF or LCD has too much lag for work where timing is critical, but to compensate for that you need to use an external finder. But if you don't have extensive control over scale focusing you are out of luck, because you can't use the AF with the external finder.
I hope Panasonic figured this out with the upcoming GF1 and Oly with their more advanced M4/3 model. They really need to take a look at just how right Ricoh got the interface and feature set on their GRD series.
Ultimately what we need is a digital Leica CL. Or a cheaper Leica M8... Compact cameras with real viewfinders. EVF and LCD is not going to cut it. The shutter release on many of these cameras is quite crisp, but that's a mute point if the LCD display has a 1/8th of a second or worse lag time. I would love a M4/3 camera with the spinning mirror viewfinder from the analog PEN.
But don't hold your breath. According to the fanboys optical viewfinders are for geezers and therefore we're going to be stuck with sluggish LCD and EVF finders for a long time. As is often the case in the age of digital photography, the serious shooters are at the mercy of the hordes of amateurs and weekend warriors.
