I bought this little LX5 several years ago because I was getting tired of dragging around a bunch of glass and bodies on big vacations - I like to travel light, and my obsession with 1D bodies is not conducive to travelling too light.
After doing some research, I figured that it was between the Canon GX, Nikon (P7000 I think was it) and the LX5. The specs I liked best about the LX5 was the constant f2.0, wide angle equivalent (24mm), and the fact that it had a hotshoe mount on it, so I could strobe with it if necessary.
After a number of years now, I can say that the LX5 has exceeded my expectations in most categories - it does reasonably well in low light with a tripod (especially given it's tiny size), does a decent job of colour rendition, works with my remote triggers, and is small enough that I carry it pretty much everywhere.
The one thing that still bothers me (and I knew going into it), is that there's no good or easy way to trigger it remotely, and it does not have a bulb function - two things that would cement it's place as a constant in my backpack.
All that being said, a number of my favorite photos have been taken with it because it is always with me, and I would never carry a 1D series with me everywhere I go.
Here's a gallery with most of my shots with it.
And a few of my favorites: