Though the price has dropped nicely on the LX3, I think it's worth getting the LX5 overall. Looking at the two cameras at full zoom on the same subject, there's a pretty significant difference in the size of the subject. The high ISO seems improved a decent amount, and the focus and performance seem to have been given a slight boost, though the LX3 is no slouch there. While I've yet to use it, the movie button is something I know I appreciate from my ZS3/TS1, and having manual control is even better, and it being quick-editing AVCHD lite is better yet.
On the LX5 negative side, probably the chipped battery is #1. I'm keeping an eye on ebay for the first non-OEM ones with a charger (car/home), and expect they'll be along, but there's nothing yet, and no way I'd pay Panasonic their ridiculous prices.
Aside from that, one minor issue...the EV setting does not hold at power off in iA mode, though it does in P mode. (this is probably good in some ways, but annoying to have to reset it to -.3 if it's a sunny day each time you power up). I'm not sure I like the dial adjustment all that much; perhaps you get used to it, but it's too klunky to use for good focusing, so you have to use the r/l arrows to fine tune. It's too early to say if the dial is good overall, as one needs to adjust to new things.
At first I didn't like the rec/play button...I always liked the LX3's switch, and you can switch it to play to power up without extending the lens. Then I discovered you can hold down the LX5 rec/play button while switching on, and the lens won't extend, so it's OK after all.
I was making the same decision, whether to buy a second LX3 or an LX5, and opted for the LX5. So far, I think it was the best choice in that respect.
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Gary
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