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It seems there was a misunderstanding, I wrote about "out of the box" UW cameras, like Olympus Tough & SW, Pentax W, Canon D10, Panasonic TS (FT) and Sony TX5:
"Panasonic DMC-TS2 (FT2) is undoubtedly the best compact P&S UW camera" and DMC-LX5 is NOT out of the box compact P&S UW camera!!!
And YES, I agree with you, that almost all the cameras with manual settings and RAW recording options are better than this (out of the box) UW cameras, I am using and LX5 is probably one of the best.
Thanks for the info. I know, with proper care of the orings and such that you shouldnt have any issues, but I just shudder at the thought of having a failure and destroying a camera. Will digest this information and confuse myself even more