Good question. That depends on whether you need to shoot below 12mm and above 35mm, i.e. change to wide angle or tele.
LX100 is very very tempting for its weight and still shoot at lower aperture than the 12-35 f2.8!!!
But from my previous experience on investing in fixed lens camera (cannot change lens), the Canon G11, Fuji X100 and Panasonic LX7, I always regret because when it comes to upgrade, you have to change the whole thing.

If you have invested in separable bodies and lenses, you only need to change the bodies. You can even own a few bodies (even from different brands for m43) and share the lenses. Fixed lens cameras like Fuji X100, RX100 and now LX100 are not cheap. LX100 is priced at twice LX7 at launch.
We know the sensor will be very good because it will be the same sensor used in GH4, GX7, Olympus EM1, GM5 & GM1. But the lens is a retractable type and is it good enough? It is better for you to wait for the real-life review. Fuji X100 lens is not that sharp at wide open (f2.0), RX100 lens is not sharp at the corners, LX7 lens is simply not sharp enough to be comparable with micro four third lenses (not to add the lack of contrast, saturation and lots of distortion). Panasonic has designed 2 retractable lenses, 12-42 X which is a duck and later 12-32 which is better but not best. Both are f3.5-f5.6. Now to build a retractable f1.7-f2.8, we need to know how good the large apertures and the corner sharpness.
Also do you shoot in manual mode? The shutter dial is 1 stop per click instead of 1/3 click. If you shoot in AV mode, then this camera will be very fast with aperture ring on the lens and dedicated EV compensation dial. But shooting in manual mode may not be that fast.
Also you need to confirm if it is using mechanical shutter or electronic shutter, or a combination like the GM1. If it uses electronic shutter, you need to figure out how it handle rolling shutter effect.
Also, the EVF doesn't now come with an eye-cup. Is there optional accessory? If not, it will be quite difficult to see under bright sun light.
I am voting for GX7 + 12-35mm f2.8 combo. It is twice bigger, heavier and more expensive but confirmed to be a good work horse.
Yeah I understand your points. The most worried part would be the lens performance, if its good then it is hard to beat (the canon g1x ii has a really good lens albeit the big size). I it had both mechanical and electronic shutter built it, mechanical ones go up to 1/4000 and electronic goes up to 1/16000. I shoot mostly in Av , manual only for long exposure or HDR or strobe works. At that price point, even if had 70% performance of the gx7 + 12-35 , it's very good already. Makes me wonder again, will it kills the gm5 instead? Price aren't that far away, moreover the gm5 uses slow kit lens instead.