I tested the freshly arrived LX5 with my Swarovski ST 80 HD and zoom ocular 20-60x today.
By a lucky coincidence the adapter which was made especially for my good and old Nikon 8400 (with filter adapter UR-E14) fits very well to the LX5 (with filter adapter DMW-LA6), so easily a direct comparison with my 8400 was possible.
All photos were taken inside and downsized to 25 %, the stuffed Nuthatch was placed in a distance of 8 m and illuminated by an energy-saving lamp.
White balance was set to auto, no autofocus was used (camera focusing was set to manual at infinity distance), the image focusing was made manual at the scope (Swarovski zoom at 20x) and controlled with the camera lcd-screens (not the viewfinder).
The LX5 showed an image quality similar to the 8400 at wide angle 24 mm (LX5-wide-10MP-25%).
But how disappointing, there was vignetting with tele zoom 90 mm (LX5-tele-10MP-25%)!
Of course with the 8400 and tele zoom 85 mm no vignetting is shown (N8400-tele-8MP-25%).
But thankworthy the LX5 offers a lot of zoom settings:
The option "Extra Optical Zoom" uses only the inner pixels of the CCD-area. With 7 MP instead of 10 MP there was only little vignetting, with 5 MP vignetting disappeared.
For explanation see
http://www.panasonic.com.pa/micrositios/lumix/popup/extra_optical_zoom/index2.html
Additional there is a mysterious "i.Zoom"-setting which increases the zoom magnification by 1.3x "...without noticeable deterioration...".
There is no vignetting with "i.Zoom" and "Extra Optical Zoom" set to 7 MP (see photos LX5-wide-7MP-25% and LX5-tele-7MP-25%).
Today higher scope zoom levels than 20x weren't possible because of the low light conditions. In the next days I am testing the LX5 under birdwatching conditions, the today's results sound promising (using a 10 MP camera as a 7MP camera is not a problem for me). Main questions: Will it be faster than the 8400 and beat it at higher ISO?
Rainer