some test shots from my LX3 and a couple from my 40D for comparison

All photos are 100% crop of the centre area of the photo. Most don't have any sharpening or noise reduction. All have had some form of exposure/colour correction applied.

Both cameras have trouble with the red flowers, the LX3 is worse. The LX3 AWB is not close on the reds where as the other colours aren't to far off. Next test during daylight will be with a gray card and the red flowers.