... I must say the control layout of aperture and shutter on auto until you turn the dial really is an improvement on the PASM dial.
Well, there are still times when having the PASM dial and two modal control wheels is nice. The dedicated dials are nice but there are ways to have more control... with no dedicated dials, which look prosumer, but non-dedicated, yet customizable, modal wheels.
Removing the PASM did not make room for a dedicated exposure compensation dial. With many SLR having PASM and two control wheels, it is possible to choose what the wheels do depending on the mode you are in. One choice can be EC. For cameras with two control wheels and not the type with only one.
You may choose to have control of aperture on one wheel and EC on another or you may like to have direct access to ISO, instead. You can direct aperture control to front if you like to use your index finger. Whichever suits. Being customizable in this way, there are more options than dedicated dials.
Using the dedicated dials, rather than PASM, to select modes is no faster than using PASM dial. The same movements in most instances, more movement in one, and less movement in another. A wash :^)
The LX100 dedicated shutter speed dial allows adjustment only in full stops. If I want to adjust shutter in finer increments (I typically do), I need to use the wheel around the 4-way controller. This wheel is +/- 2/3 EV only. So, two places to use for setting precise shutter. I think a shift of grip will be required to reach the dedicated shutter dial. Less shift of grip to reach ring around 4-way controller. If a person often uses Av Priority mode or Program, this is no inconvenience, of course.
The rings around the lens are a good idea. I do prefer to set aperture on a modal control wheel by using finger tips. It is just simpler. I know I prefer this having used small lenses with aperture control rings. I don't dislike these lenses, but I have to shift my hand to use the aperture ring. I change shutter more than aperture, but I would use the ring on LX100 lens for a less adjusted setting like ISO. With small lenses, I don't cup the camera as I would with a large lens; I hold the whole left side. If someone holds the camera in the traditional (when no AF and aperture ring required) way, this is no inconvenience, of course.
To use the traditional controls on many SLR, they would have needed the PASM dial on top and tried to fit another control wheel up by the dedicated EC dial. Perhaps raise the deck a bit there but no increase in overall height..?
The benefit would be one place for all shutter adjustment, direct ISO access added (if desired) as well as EC, adjustments made with fingers and no shift of grip. For the program modes direct access to the priority setting, EC, ISO, zoom movement. For manual, aperture and shutter at fingertips and ISO on the lens ring. That would be nice :^)
No, I am not trying to compare the LX100 to an SLR and say it lacks. I use my camera in M mostly because it suits the stuff I do. It is simpler to adjust shutter on the SLR. Still, I am interested in this camera. I think the dedicated dials look fun.
The best thing included is the AF button. That looks to be in a good location, too. There are times when removing AF actuation from shutter press is nice. As far as I can tell, the Canon & Sony competitors do not have this feature. If they do, it must not be as convenient.
+ Greynerd, I think I appear negative on your interest...
I am not trying to be negative and hope the post isn't taken that way.
Just discussing what I see as practical versus.. fun.
I do think the dedicated wheels look fun. I like that.
My first camera had the same type of shutter wheel.
Full stop adjustments and all.
The Nikon Df or whatever has some similar arrangements, I believe.
I think the dedicated dials can make the camera fun to use, if not always as practical, and fun is important :^) Hate to say it..., but I would like the camera in a color. I always had black or silver... My Canon SX230 is blue. I like it.