If you want to use something other than SilkyPix to do your RAW editing, then you'll be pleased to hear that version 6.2 of Adobe's Camera Raw plug-in for Photoshop CS5 and Lightroom 3 supports the RAW files created by the LX5.
"it all comes down to the quality of the converted file. After all, no matter how good a program is to use, unless the output is excellent, it's not worth the disk space it uses. In this area, Silkypix Developer Studio does a very good job. With some work it's possible to create images that are every bit the equal, and in some cases exceed, those from Adobe Camera Raw, Lightroom, and Aperture. In particular, images with dense shadow detail and borderline highlight data were handled very well."