I have just trted using one myself. Even though I have the sony RX100 as a compact pocket sized camra, I was intrigued by the LX7. I have handled it and tested it in a store, and I have to say I was impressed by the overall experience. My impression is that the LX7 represents the complete level of maturity and evolution of the LX concept.
The camera feels very solid in the hand, with a healthy heft, and the lens is the highlight. I am not expecting image quality to be better than the one from the RX100, but from what I have seen so far, it is very good for normal prins, say up to A3 size.