When I said the LX5 didn't exactly beat the Note 3, I considered more than just the noise-level. For example, the LX5 has more color noise, and its auto white balance is one of the worst I've ever dealt with (drastic shift to yellow in many tungsten lighting situations). I showed example of this in that LX5 review I posted, and you can see it in the test photo too. So while the LX5 had a cleaner/smoother result in general, it had its own issues that the Note 3 didn't have. Also, in the Lightroom processed version of the Note 3, I exercised a lot of restraint, so I didn't push the processing as much as what Panasonic did in theirs. If you want, I can shoot a RAW version with the LX5, and we'll be able to see what the result is like without any of the noise-removal processing, and then compare it to the unprocessed Note 3 version.
Keep in mind, I'm not as interested in smaller relative differences--I'm more interested in significant differences. That's why I tend to lump small sensor cameras together and just call it the day--they all perform similarly enough to me that whatever differences there are just isn't enough to change my photography lifestyle. To me, there's no intermediate level of performance going from the Note 3 to the 5D Mark III. I don't think "Note 3 first, and if that looks horrible, I'll bust out the LX5, and if that's still not good enough, then I'll bust out the big gun (5D Mark III)" For me, I go from the Note 3 straight to the 5D Mark III, and the LX5 gets skipped completely. The only time the LX5 ends up in my hands, is during travels when I really don't feel like carrying a DSLR, but don't mind carrying a small compact on top of a smartphone.
If we look at both cameras as just photo-taking devices, then I would choose the LX5 because it has image stabilizer that works quite well, its reaction time is faster, and the sensor a bit bigger. But if we consider them more holistically, then I would pick the Note 3 (even if I disregarded the phone and non-photography apps). Within just the camera-centric aspect of the Note 3, the flexibility that comes with being able to use various camera/editing apps, send/receive files via Internet, the 4K video capability, the fancy video shooting modes that's available (slow-motion, time-lapse, etc), makes the Note 3 more compelling overall to me. And if we take a step back and consider how these devices fit into our lives, then there's no contest at all--I'd gladly take the smaller sensor of the Note 3, and gain a whole slew of capabilities that makes up a true "life companion device" that is so much more than just a camera. I can write my novels on it, compose/arrange music, paint/draw/design, communicate with others via phone, chat, text, web, play games, do my taxes, read the news, watch movies, listen to music, attend virtual business meetings, do project management,--the list just goes on and on, with more than a person can use it for in a lifetime.
So, no, I'm not disputing that the LX5 is a better camera--it's simply not better enough, and the Note 3 does well enough (and is so much more as a device) that it'll have to take very specific situations for me to pick up the LX5 instead of the Note 3 when I want to snap a few casual photos.
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