Having said that it's still a rumour. The only competition to the LX-3 is the new Canon S90 - although the S90 has a slightly longer zoom it starts at 28mm and the f-stop gets smaller a lot faster than the LX-3 at 50mm or 60mm. So the LX-3 lens is still faster at 50mm and 60mm. The Canon has a slightly smaller sensor. If you can't get a new Panasonic LX-3 I think the canon S90 should fill your needs.
if you compare the specs between the two, you find that for just 10 bucks more, you got a lot of features over canon...it took them one year to come up with a counterpart and yet they still cannot match up...i suppose they are targeting those who doesn't wanna pay the premium for lx3.
the scroll wheel at the back of s90, not everyone will appreciate it cause it turns very easily...the zoom lever place close to the center, is also a bit funny for me.
i have small fingers but somehow i feel there's a lack of space for me to place my fingers, maybe former ixus users can adapt better than me.
the electronic pop up flash is also a turn off...wonder actually how fast can a user pop up the flash if he have to go into the menu without being able to pop the flash manually.
size, iso 800 performance, AWB and the aperture ring are the plus points of s90.
If u're not in any urgent need, it's probably fine to wait a while. Even if the rumours are true, LX4 may arrive only 2nd half of 2010. S90 is just launched, & the pricing is expected to drop after a while. The price holding power of S90 is probably not as good as LX3, considering that LX3 is more than a year old.
If u're not currently holding a capable camera, then waiting may not be good as u'll be missing the photographic opportunities along the way.
With technologies growing at such rate, both compacts & micro 4/3 can be improved. The gap will be smaller between LX4 & GF2, assuming both are released. As long as the pricing gap is substantial, i believe there'll still be both categories left.