Last April I went from a Nikon Coolpix7900 to a Lumix TZ5. The Coolpix produced excellent pictures, but was not as flexible as the Lumix. Perhaps it was just the user interface. The lens on the TZ5 is high quality with 10x optical
zoom. It is a 9MP camera, IIRC the TZ4 is 8MP and cheaper with many of the same features. I actually use more than the Auto mode on this camera; and with ease and success. This is great because Ansel Adams I aint! It does require the newer SDHD for video which is surpisingly good. Like ALL compact digital camera's, night shots are limited; the flash is ok, but not SLR strong. The biggest selling features, beyond the Leica lens, are the size of the display, huge
and the speed of the camera. When I say speed, I'm refering to shutter lag. Often small point and shoot cameras have a pretty significant lag from buttom to shutter. Not this camera; it's fast! And, with the flash off, it's damn near SLR instant. OK, that's a bit far, but it way faster than most other compacts. At least it was last April when I tested about 6 different models. Battery life has never been an issue. My only criticizm of the camera is that color is sometimes a bit soft. This is rectified in even the simple MSO Picture Manager by clicking Auto Correct. As I tend to crop, resize, etc, its not a problem for me.
After about 2800 pictures, I give it a solid 9/10.