on this and other forums (since I use the G12, P7100, LX-5, and XZ-1), I find the color tonality of the XZ-1 to rate at the very top.
I have the D5100 DSLR and other DSLR's from Olympus and Panasonic (which happens to be just right for me) - but I've always had this ongoing quest to seek out the best P&S (or enthusiast models) on the market - thus I wound up with the 4 listed above.
The XZ-1 is one of those cams that you will either love or.....dislike, depending on if you accept the form factor (which is different than other enthusiast models). The XZ-1 feels like a luxurious instrument - and what is so nice is that the very fast lens (it is given the designation of a Zuiko lens - putting it on par with good DSLR glass), really rounds out the package. But go back and read the DPReview review on this baby as it receives their gold award.
Now granted, it only has a 28 - 112 (or so) zoom factor - but that's where a good 90% of your shooting will take place anyway. In addition, the LCD is of exceptionally high quality.
Now in comparison with the EP-1's, 2's, and 3's - I have the EP-2 (which I love). The XZ-1 (because of it's smaller sensor) will obviously not match the higher ISO capabilities of the EP series of cameras, but the IQ falls in line with what you can expect with the larger models.
Now if you shoot RAW, that's where you want to stay. Although the JPG's out of the XZ-1 are rich and exceptionally colorful, the NR is a bit too high for my tastes and not adjustable within the camera. Thus, shooting RAW will net you the best results - with many images that will give a DSLR a run for it's money at ISO 400 or below. I shoot RAW only and find the RAW files from the XZ-1 to be ideal.
So with regards to color tonality (how the camera renders colors - which I have to admit, is subjective in nature), I rate the enthusiast models in this order:
1st choice: XZ-1
2nd choice: G12
3rd choice: LX-5
4th choice: P7100
But any one of these cams do an absolutely superb job - it's just when comparing their images (color), do I make that comparison.
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