Ray, while I'm most likely going to get the LX100, I can think of one reason why you might not be satisfied with it: Image Quality. Even if the LX100 uses the sensor of the GM1, which is a fine sensor and IMO better than that of the Oly EM-5, current m43 cameras simply don't have full frame or even aps-c image quality. They just lack something in the subtle gradations of colour, and have 'grittier' files. You have the Nikon Df and you've had the EM-5, so you know what I'm talking about. If you're comparing it with the Pana LX7, then there's no doubt that the LX100 will produce better files. But compared with the Df or even the Nikon A?
The LX100 looks like a fine, fine camera, but even so, the image quality will be determined by the sensor, the processor, and the lens. We have no idea what the lens quality will be like, and we can only assume that it will use the GH4 or GM1 sensor and processor. In the best case scenario, it will slightly improve on the GM1, and have a lens equal to the LX7. We're still talking about m43 image quality. That is fine for me in daily work, but not when I want the quality that only full frame can give at this time.
Oh yeah, I'm well aware it's not gonna touch my full frame gear. I've had a longer history with m43 than anything else and I'm pretty familiar with what it can and can't do. But honestly, I've always liked m43 as much as APS except for one thing that doesn't seem like that big a deal to a lot of people - I really don't like the 4:3 aspect ratio much at all! I'm fine with it for street shooting because I often crop my street shots down to a square, so 4:3 is actually a great starting point. And I just rarely need the full wide sweep of a 3:2 image for street work. And for portrait orientation shots (which I don't do much) I prefer it. But for a large majority of my non-street shooting, I just prefer 3:2. By a lot. So the multi-aspect sensors of the LX series has always been a big deal to me. I always loved shooting with those cameras and that aspect ratio switch on the lens is no small part of that. I tried to love the GH2 because of that feature but just never bonded with the camera in any other way.
As far as IQ, I know it won't come close to replacing any full frame gear I've got, but I was always pretty happy with m43 as a secondary system. There's a side of me that wishes I still had an EM5 or EM10 plus the 75mm and 35-100 f2.8 because it's the most user friendly (small!) telephoto gear I've ever shot with. The 75mm is the best longer portrait lens I can even imagine and that's the one funciton I doubt I'll replace to my satisfaction with full frame gear. Same with really long reach (like the Oly 75-300, which has twice the reach of anything I'll ever buy for Nikon in a package much smaller than half the reach on the Nikon).
But, yeah, I know I won't get anwhere close to the DR out of those files and can't manipulate them nearly as effectively in post processing. But they surely surpass any kind of minimum standard for highly useable shots. I shot with nothing but m43 during a short vacation around this past New Years and I was very happy with what I came back with. The thing I have to get really honest with myself about is how much I'd actually use a camera like this. I've had cameras like this before (with much more limited IQ) and they always ended up gathering dust. If I can't convince myself I'll actually put this to use, I won't buy it. And I'll have doubts for sure. But there's a bigger size discrepancy between my Nikon gear and this camera than there ever was between a small m43 kit and something like an LX5 or X-10. And this IQ will be so much higher than either of those, so there's more size benefit and less IQ penalty. I could easily see going out with this, the RX1, and Nikon A in a very small bag, use the RX1 and Nikon A when the situation called for it, but have the LX100 for other stuff where the shooting is less challenging and where I want a wider range of focal lengths. WIth the 16:9 at 24 coming in almost as wide as 21 I wouldn't feel too bad about leaving that focal length behind with the Nikon and I don't shoot longer very often anyway. I would miss a good portrait length, though, and that's a real consideration. The 80-120 range available in the Canon G1X mkII is honestly really tempting for a camera to fill the role I see this one filling, and it's got 3:2 available in a multi-aspect setup also (but not 16-9). But I'm really not sure I'd be happy with the files from that older sensor, either a 1" or 4/3 sensor has loads more DR and are as good or better in low light. And it doesn't have a built in EVF or a couple other detail that bug me about it. But it's got a REALLY useful all-in one zoom range. I've been spending some time with a Nikon 24-120 zoom and having that whole range of portrait lengths available in a zoom seems to make them vastly more useful to me than something that tops out at 70 or even 90mm.
So despite my initial excitement with this camera when the details first emerged yesterday - because I'm honestly REALLY impressed with almost everything I see with it - I'm sobering up already and honestly have no idea if I'll buy one. I have two small cameras already and am usually happy just taking those out when I want a small kit. I'd probably be better served to get something like an EPM2 with a 12mm and 45mm lens to go along with it to fill in a mini-kit when I don't want to take the Nikon. Except for that damn aspect ratio! Or even a used XE1 with a14 and 60mm lens, but that's a whole lot less "mini" - I've done that one and the Nikon with a 20 and 85 really isn't that much more to carry. And I really don't want to get into a second "system" again...
So I don't know what I'll do. I'm always enticed by cameras like this, have owned a few, and never end up using them as much as I should. But every once in a while it's kind of liberating to just go out with a small camera and see what you come back with. One of my best days of shooting on a European trip more than four years ago when I took a full m43 kit (when there were waaaaay fewer options than today - I think I had two zooms, two primes, two bodies) was a day I ONLY took a Canon S90 out of the room. I came back with more keepers that day than almost any other on that trip. So, I'm always tempted, but also wary based on past experience. So I don't know what I'll do, but it's in the mix and under consideration, for sure... Maybe I'll just wait a while and see what if anything Olynpus or Nikon come out with around a 1" sensor, if anything... I don't need to be in a hurry for a camera like this, if I end up getting one at all...
-Ray