I would be hesitant to buy an LX, and here, in excruciating detail, is why.
No question, it's the most capable manual-focus (read: 1970s technology) camera Pentax ever made -- but it is ridiculously expensive and, as Tassienick said, difficult to repair. In fact, Eric Hendrickson (Pentaxs.com), widely considered to be the go-to guy for Pentax film camera repairs, recently announced he will no longer service the LX. (That, to me, is a Very Big Deal.)
The main advantages to the LX, as I believe them to be, are interchangeability of the viewfinder, weathersealing/durability, and the hybrid mechanical/electronic shutter (electronic at 1/60 or slower, mechanical at 1/75 or faster).
The interchangeable viewfinder is interesting, to be sure, if you're willing to pay as much for a second viewfinder as you would for an entire K-series camera.
Weathersealing/durabiilty: Great for professional photogs beating the crap out of their cameras, but regular Pentaxs are durable, too. As a college kid I hauled my KX everywhere (and never in nice cushy camera bags) and it has the scars and dents to prove it -- and yet all these years later it still works perfectly. (Also, you have to ask -- did your LX's first owner subject it to the kind of torture it was built to survive?)
Hybrid shutter: Personally I think this is overrated. A lot of people like mechanical shutters ("They work without batteries!" -- so what? These cameras take button batteries so small you can carry spares in your nostril) but mechanical shutters are more likely to gum up with old lube and go out of timing (requiring a CLA). Electronic shutters stay pretty well in spec. The LX does do EXTREMELY long exposures well, but other Pentax bodies are good to between 8 and 30 seconds. And the hybrid shutter is one of the elements that makes the LX more complex.
The LX does have off-the-film metering which can be very accurate in some tricky situations -- but it's still a center-weighted system with SPD cells. A $20 Minolta Maxxum has a superior matrix meter, and Pentax M bodies use GPD cells which, I believe, are a better technology. If you're shooting color print film, you have so much exposure latitude that you'll probably never know if your meter is entirely accurate or not. Slide requires more accuracy but back in the day I shot perfect slides with my KX.
So that's my argument against the LX. If money was no object, I might buy one -- but with (supposedly) working ones going for $300-$500, I can't see doing so. Especially considering the shortage of parts means if anything goes wrong, it becomes a very expensive paperweight.
Now, let's talk about that camera you looked at -- was it serviced by that shop? Is the technician a factory-trained Pentax tech? I have handled enough Pentax K/M bodies that I can start to spot those repaired by people who weren't -- little things (like the meter detent on the shutter release) don't work. And as I understand it the LX is WAY more complicated and difficult to repair competently than a K or M. If I was going to spend the kind of money the LX commands, I'd be hesitant to buy one that wasn't serviced by Eric Hendrickson or a Pentax-trained technician.
So...
What else to buy?
I'd probably recommend the K2 (non-DMD) over the LX (I just bought my first K2, so jury's out). You can get one for $100 or less. It has an electronic shutter w/ automatic setting, and you can still get it repaired ($125 for an Eric overhaul, maybe a few more bucks for related repairs). And there's a good chance it won't need a CLA -- if the K2's electronic shutter works, it probably works correctly.
Or you can get a Ricoh XR-2, which does everything the K2-DMD does and more, and can be bought for $40 or less, or as the Sears KS Auto for $20... which means you can get a dozen or more for the cost of one LX!
If you MUST have a mechanical cameras, consider the KX -- my favorite Pentax (not because it's mechanical, but because it's what I know best). You can get one for $85 or less and get it overhauled for another $100-$125. I recently did just that -- so for half the cost of an LX I have a KX that'll outlive me. (My first KX is 45 yrs old with no overhaul and still working fine.)
All of the above cameras (including the Ricoh) use the same Pentax-M lenses as the LX.
If you want a super-sophisticated meter, try a Nikon N8008 or N8008s -- it'll meter more accurately than the LX (and has auto focus!) and you can buy one for $50 or less. And if it MUST be a Pentax (good for you!), the PZ-1 or PZ-1p will get you better results than the LX for $100 or less.
Bottom long-winded line is this: If you are really dying to spend a ton of money on a camera, you can get the LX, which really is the best manual-focus, manual-wind camera Pentax made -- but you can also get cameras that are 95% as good (or, if you go with something newer, 150% better) for 1/4 or less of the LX's price. The $300 you'd save buys a lot of lenses and film!
Aaron
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