I have made a quick and dirty comparison, and here are my preliminary thoughts
- LX3 raw and jpeg are absolutely the same, when viewed at 100% on a high quality calibrated screen (provided the raw is converted with natural colours and correct WB and no extra sharpening, in my experience with C1Pro raw converter). I had wished RAW would be slight more detailed, but impossible to see the slightest difference, at least at low iso. perhaps at high iso, there is a small difference, but really have to look at 100 % very very closely. some people on this forum pretended there is a difference in detail, but I wonder how they achieved this, as I reviewed many photo with my eyes as close as the clear I could manage and could not see any, again on a very high def calibrated screen. There is no benefit in shooting raw with the LX3 unless you want more flexibility to readjust for example the WB , etc.
- however, the G11 Raw seem to be very slightly better in detail than jpeg, when using the C1Pro raw converter, and no extra sharpening provided, again, applying neutral colours.
LX3 photos are definitely sharper edge to edge than canon G11 at low iso (80 and 100). whether it is the LX3 leica lense that is better or the processing I do not know. My guess is the lens is definitely better, but we have to recognise it is only 24 to 60 mm. Actually, the sharpness of the leica lens is so good that it gives a better overall feel than pictures shot with a canon 5D + 24-70. f2.8, that I thought were good. It shows how good the LX3 is as a second camera.
Above 200 iso, the canon has a lot less noise, but a lot less detail than the LX3.
In my experience, using Lx3 photos and removing the noise with an external program provides more detailed pictures than the G11 out of the box, because of canon strong noise reduction processing.
in terms of colours, both cameras produce different colours, and inconsistent WB. I compared readings with both a sekonic colour meter and a WB card, and the only way to achieve real colour matching, I am afraid is to use one of these 2 tools, as both the G11 and LX3 are inconsistent, but not necessarily in the same situations. If real colours are important to you, get the WB right. Please note in that respect that the firmware 2.0 for the lumix is a real improvement, and even gives you WB bracketing. If un-natural colours are fine with you, just pick the camera you prefer.
Also, in my experience, both cameras can clip very easily, but the LX£ seems to clip a tiny bit less in most of the situations I encountered. Still a good margin of improvement for future models