Google-translated site: Google Translate
The executive summary (my interpretation): the LX7's new sensor - which is not a Panasonic design, BTW - offers the about same IQ as the previous, despite being a touch smaller. The Google-translated phrase is, "basically no difference". I think we've all seen in that past that phrases similar to "basically no difference" sometimes mean, "slightly worse, but most people won't notice".
Of course, the smaller sensor does allow the faster lens to fit in the LX7 body, which is only fractionally larger than the LX5. I wonder if the low-ISO output of th enew MOS sensor will compare favorably to the CCD sensor of the LX5... some people believe that CCD's produce better low-ISO output than (C)MOS.
The SRP for the LX7 is $499 (in USA) which, when released in approx. 1 month, will place it only about $100 cheaper than the Sony RX100. While the LX7 does have some advantages over the RX100 - faster lens, conversion lenses, hotshoe, available EVF - the Sony has more pixels, better IQ and is more pocketable.