i did a lot of research when deciding between an LX5/used LX3 or new S95. in terms of pricing, this is what I know:
S95 - RM1199 lowest in Sg Wang, no SD, no case
LX5 - RM15xx LYN price? free SD & case
LX3 - RM1000? Seems like not many want to sell their LX3 for less than this.
In terms of features:
S95 - miniature effect, fish eye effect, in camera HDR mode -> most of these in camera effect can be achieved using photoshop or other image manipulation software on the PC but it's convenient to have it in camera. it's truly a compact camera, power off and into pants pocket
LX5 - 1cm macro (S95 only 5cm), autofocus & zoom during video (S95 cannot), hotshoe to add on extra accessories (S95 tadak), however not so compact plus need to fiddle with lens cap each time you want to take photos/keep camera. LX5 battery life seems to be better 400shots single charge? S95 is 200+ shots single charge but I am happy with the S95 battery.
both cameras have large aperture F2, larger than normal sensor 1/6.x" and 1/7" (S95) - normal compact camera is usually 1/2.3".
LX5 has wider angle 24mm vs S95 28mm.
Anyway, in the end I chose S95 because of the compactness.
LX5 pricing is a bit on the high side, and if you are paying RM1.5k for a supposedly compact, you can even look at NEX-3 with the pancake lens, which is a micro 4/3" camera (sensor is much larger than S95/LX5 - which mean much better image quality).
I agree with your points. I also made the same comparison when deciding between S95 and LX5.
Pricewise I got my S95 for RM1,259 (package with 4GB SDHC, Canon pouch, mini tripod, screen protector).
Actually NEX3 uses APS sensor (even bigger than micro 4/3).