- speed
- image quality
- build quality (I'm not a very delicate person)
I know the last is good.
I've been playing with one of these for the past few days
Very fast for a compact. In RAW mode it's pushing around a lot of data.
Don't expect DSLR performance, but with a fast SD card it's impressive.
Image quality is very, very good for a compact. I haven't seen a compact that puts out better images, except for the Sigma DP-2 and E-P1, but these have much bigger sensors. The fast lens (f2-f2.8) and built in IS means that you can shoot at a lower asa than most other compacts.
There is plenty of highlight detail to be recovered from the raw files and the shadows have good detail with a reasonable amount of noise. Again, this is not a D700, but impressive for a compact.
Build quality is excellent. Very well put together. One complaint I have is that the buttons are a little small and I'm not sure if I am totally sold on the joystick. But the interface is clean and very well designed. Another problem is that the finish of D-LUX4 is very slippery. Seriously, I hate to handle the camera without a strap wrapped around my wrist, because it feels like it could slip out of your hand without much trouble. I'm not sure if the finish on the LX3 is the same. If I owned one of these I would put some black cloth tape in a few strategic spots to make it a little more tactile. I even saw one camera on the web that had been covered in a material that looked like the vulcanite of a vintage Leica. Sounds stupid, but to be honest the guy did a good job and it didn't look half bad.
But here's the deal breaker for me. You can't zoom to a preset focal length like 24mm/28mm/35mm/50mm/60mm. This makes it difficult to use external viewfinders for anything but 24mm and 60mm.
Also when you manual focus the markings are not ideal for preset focusing. There are distance markings up to 2 meters and after that the next marking is for infinity. It would be better of there were markings for 3 and 5 meters.
So, after a week with this camera I have decided that it is the nicest point and shoot I have yet encountered, but it is more of a consumer tool than a digital incarnation of something like a Canonet G-III QL17.
The GRD series appears to be designed much more along those lines and I would be tempted to call it the better tool for a serious shooter.
The LX3 / DLUX4 may perform better than the GRD II in terms of IQ, but if the handling is inferior and you can't get the shot, that's not going to help you.
I'm going to wait for the GRD III next month before I buy anything. Unfortunately, so far Rioch is not offering the GT-1 (28mm -> 40mm) tele-converter for the GRD III, which is a real let down. A 28mm is a little too wide for portraits, unless you like the distortion. In that case I may just get a GRD II + GT-1.
I played a little with the E-P1, but the interface is a nightmare. Very confusing and awkward. It also doesn't come in black (so far)...