Well, if the camera is reliably available in the United States, then that feature alone would mark a considerable improvement over its predecessor.
I'll agree that on paper the improvements seem minor, but the expanded zoom range (to my telephoto sweet spot of 90) solves my major lens problem with the LX3. The clickable thumb wheel instead of a joystick solves my major ergonomic problem with the LX3. Provided improvements in noise performance, it seems like there's little to complain about here. Most people with an LX3 like it alot for the kind of camera it is. If the worst thing we can say about the LX5 is that it improves on every headline flaw of its much-beloved predecessor, then I don't think that's so bad.
They've also given it step zoom, a feature that I love, though in the press release it conspicuously doesn't state that 50mm is a step, which baffles me (24, 28, 35, 70, and 90 are cited).
All praise aside, though, I think the smart money will wait for Panasonic's September announcements to see what the GF2 and possible LC-1 successor with a m4/3 chip offer as alternatives. Depending on one's needs though, I think the LX5 looks like a more than worthwhile camera.
