When I am shopping for lens or digicam, I always look at the print. When I was shopping for a p&s digital camera, I bring with me a CF card as most stores do not put memory cards in their digital camera. I then take pictures with the camera I am interested (ie. C-8080, Minolta A-2) and bring this chip home and make a print. From these prints, I make my evaluation as which camera I could buy.
The Leica lens on the Panasonic Digicam could very well be very good (do not have first hand experience), but I always believe that each person has their own personal taste as to sharpness, color fidelity, contrast etc. So I think, if you have a chance, take a memory card with you, shoot a few pictures of cameras you are interested, then make prints. From your personal evaluation, you shoul be able to judge which one is right for you.