I can only second that LX5 is an awesome camera. Bought it only 2 days ago, but already love it. Especially the aspect ratio switch on the lens - I can quickly change that to what the subject requires.
I was looking for something small to carry with me all time, and for bicycle trips to throw in the jersey back pocket. I was considering GF1, S95 and LX5, but LX5 won because of zoom lens AND compact size (GF1 can be either small with 20mm, or have zoom lens) and hot shoe for use of external finder (not on s95).