On Ebay, I think you'll find the LX3 is cheaper. On Amazon, a new LX3 is hard to find since it's a much older model. Also, the LX7 just came out so they are lowering the price of the LX5 to get rid of the stock. Once it's gone, the price will go back up.
If you don't mind doing some post-processing on the pictures you take, here's a way:
Adjust the camera to take pictures in RAW mode, then use the Silkypix application (provided on the CDROM that came with the camera) on your PC to read/adjust/save the RAW image. That way, you can surely get rid of the yellow tint.
Hope this helps.
Just a novice here, but I have researched the purple streak issue and it seems it's not a defect. The fastest way to get it explained is a quick keyword search on youtube and they even show/explain what settings to use to get rid of it.
It is also dealt with on pg 207 in the pdf version of Photographer's Guide to the Panasonic Lumix LX5: Getting the Most from Panasonic's Advanced Digital Camera.
Hope this helps :)
Yes. The LX5 has various "film modes" such as grain, soft skin, miniature effect (in firmware release 2.0), time lapse in movies (again with firmware 2.0), grainy BW, dynamic BW.
It also has many scene modes that work well.
Has muliple color and b/w options, including retro,elegant, dynamic. Thye are fun to work thru. Not an interchageable lens but the one it has is a Leica with f2 and takes great natural light shots and is a useable zoom. I have several Nikon DSLR's including D200, D90, D700 and the LX5 is my go everywhere camera now. Slip in the pocket and it can take just about everything.