Panasonic has posted and since pulled specs for the LX3 replacement. To be called LX5, the design and layout remain quite similar to the current camera with a couple significant additions: extended zoom range and an optional EVF.

The new lens zoom range is 24-90 (f:2.0-3.3). It's still a Leica design but differs in several respects from the current lens.

I presume the accessory EVF will be similar to if not the very one used on the GF1. This is a wonderful enhancement for anyone frustrated by composing and focusing with a high-gloss LCD display in direct sunlight, or who doesn't like shakey video shot with a small digicam held at arm's length.

There are tons of specs to pore over; a screen capture of the full list is available here.

http://43rumors.com/ft5-panasonic-lx5-leaked/

This leaves open the possibility of a Panasonic fixed-lens 4/3 compact camera, and will finally squelch the seven-hundred "ZOMG they're discontinuing the LX series" threads that have infested various camera forums for the last year. (Now we can commence with the "LX5 will be a horrible disappointment" threads.)

Backpackers OTOH--feel free to rejoice at another fine camera choice forthcoming.

Cheers,

Rick

re. the above post, the camera has been formally announced and there are several first looks and sample galleries on line. The caveat on the samples is they're all from preproduction cameras and won't necessarily represent output from consumer units (firmware changes can affect nearly any aspect of camera operation and picture quality).

http://www.dpreview.com/news/1007/10072110panasonicdmclx5.asp

Some further comments:

* Replacing the joystick with a thumbwheel will ease certain critical adjustments on the fly (e.g., exposure control, manual focus).
* Optional EFV is the same as for the GF1, meaning GF1 owners probably have one and any future upgrade will enhance either camera. I'm excited about this necessary and shameless copying of Ricoh's little innovation, which will completely transform the outdoor shooting experience.
* Zoom is now available while shooting video and there's a separate video switch for direct access at all times. Video format has been enhanced in ways I don't yet understand and some key video parameters can now be manually selected.
* The imager has been completely reworked for enhanced high-ISO performance and reduced noise. It's still oversized as with the LX3. I'd watch for these enhancements to migrate to the next 4/3 system chips.
* List price unchanged from the LX3 and I'd expect them to sell for full retail the first several months. Here's hoping Panny has resolved their chronic production capacity issues.

Ex fence-sitters can pre-order it today.

Cheers,

Rick