Extracted from "Imaging Resource" website: "There are a fair few changes around the camera body itself." (Mostly styling changes - dial & shutter button for eg) "Another key difference is to be found in the product bundle. Where Panasonic includes PHOTOfunSTUDIO 8.3 PE and SILKYPIX Developer Studio 3.1 SE software, Leica pairs its camera with the much more widely-accepted Adobe Photoshop Lightroom 4." (incl in the price). "Under the skin, it's a little more difficult to spot differences, but it's likely that at the very least, Leica has tuned the tone curve and color balance to provide the look its users demand." It's a great way to get Lightroom 4 if you don't already have it, with the few minor changes and tweaks to the software.... if you can afford the slight increase this represents, I'd say the Leica version is worth it. But maybe I'm a romantic (snob?) who just loves Leica and the fact that they invented the hand held 35mm format that we mostly use today.