You CAN, with some tweeking (microcontrast, etc.) make DLux5 images "look" like X1, especially when converting RAW in Lightroom 3.4.1. When peeping at 100% on screen there´s of course no contest!
On the other hand, on properly made prints (up to A3) from both cameras IQ is practically the same. DLux5 is, in my oppinion, much more versatile (zoom, AF speed, portability). I have both and love them both, though:)))