"Third time is a charm..."4.5 starson by raoul_lipschitz
Pros: 24-mm wide angle, FAST Leica lens, raw mode, great OIS, great manual controls for serious photographers w/o sacrificing "point and shoot" simplicity, VASTLY improved high ISO response compared to predecessors, versatile movie modes, 16:9 capable.
Cons: Slight aberrations off-axis at widest FOV (but very good for cameras in this price range), rumors of underpowered flash are true, rumors of poor white balance are true but (I believe) overstated.
Summary: I've owned the LX-1, LX-2 and now the LX-3, and it's been interesting to see how Panasonic updates a compact camera series targeted toward serious photographers. The LX-1 was great out of the the starting gate, but a bit noisy (within reasonable limits for the imaging sensor used). The LX-2 added a lot of irrelevant features, and INCREASED the pixel count (8 to 10 Mp) and ISO specification, further degrading the noise problem. The LX-2, in my opinion, was a step backward from the LX-1
I'm happy to see that Panasonic has listened to it's users. While holding the pixel count constant at 10 Mp, increasing the lens speed and improving an already impressive optical image stabilization system, the LX-3 overcomes the flaws of the LX-2. All the other great features of the LX series: great lens, manual controls, raw shooing, flexible movie modes, and fast shutter speeds, remain. Unless someone prefers longer telephoto capabilities, serious photographers will find this the compact camera of choice.
Personally I would like to see an intervalometer capability, like some Nikon & Canon compacts, but this is niggling over what is, in balance, a fantastic camera.