I was in the same situation before. After browsing through 90+ Flikr pages of both XZ-1 and LX5, I went with the Panasonic. There's more landscape shots using an LX5.
The LX5 sees wider at 24mm
more available accessories from filter mounts to adapters
with the firmware update, the longest long exposure of a P&S (240 secs or 4 minutes!)