I think we have reached an interesting watershed in the development of digital cameras: it is not so much about the mega-pixel, feature-laden, zoom erection, noise-reduction race anymore. This camera represents a new way of thinking about compact cameras. Every camera seems to have trade-offs unless you want to move up to a DSLR.
The panasonic LX/leica is an excellent camera but it is not quite the same as the Ricoh. The Panasonic is especially better as a sunny day camera. It does not perform as well for hand-held low-light and the Ricoh has better ergonomics.
There is certainly enough reviews of the Ricoh on the internet for any potential buyer to get a good estimation of what they will be getting. I enjoyed the dpreview article as they do a thorough testing. I was surprised that the resolution of the lens is not top of the class because that is the major trumpeted feature of the camera. I expect this is more related to the sensor than the lens itself. It probably has better resolving power than the sensor can handle.
Yes, there are many compact cameras out there that take superb pictures now. I'm impressed by the Fugifilm F30 and the Canon SD700. The Fugi has AMAZing quality for a the high ISOs, but it's images look very processed. The Canon seems to be a superb performer all around.
When I was looking for a digital compact camera it would leave me completely boggled after I left the camera store. My mind would swim trying to weigh the balances on half a dozen cameras with many dozens of features that I didn't really want.
The Ricoh is something different. It has manual controls that are easy to use and will feel like a DSLR. It's simple and focuses on the important things for the type of photography I would like to do. Above all, this camera takes pictures with a beautiful character. So many of the digital cameras out there lack character, often over-processing their images in low light.
Whether one camera is ultimately better than the others is very subjective. Sean Reid talks about the unique "drawing" style of these small sensor cameras have, how they have a special character from the DSLRs which is unique and not necessarily negative. I only hope that the Ricoh I have ordered will last a long time and not suffer from the lens jamming problems that I've been reading about.
This has been a good discussion. Thanks to all the contributers.