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This was what I wanted to shoot last week when I tested out the Canon S95 (that went back to Amazon yesterday). The Canon's BW was washed out, there was no saturation and no chance of further tweaking since I had to shoot Jpg to get the BW option. With the LX5, I continue to shoot RAW + Jpg like I did with my LX3 and get fully customizable color modes.
Hmm, I just checked my Flickr photos from last week with the S95, I never posted this composition, it basically sucked. I will have to go shoot the mushrooms tomorrow though as I did post a shot of one from the S95.