The best replacement for panasonic lx5 is canon s95.

The best alternatives to panasonic lx5 are rated as following:
★★★★★  canon s95
★★★  canon g12
★★  canon s100
★★  olympus xz-1
★★  leica d-lux 5
★  fuji x10
★  leica d-lux 4
★  canon g11
★  nikon p7000
  olympus xz1
  nikon p7100
  olympus xz 1
  leica d lux 5
  s95
  canon s90
  leica d'lux 5
  samsung tl500
  canon powershot s95
  g12

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panasonic lx5
canon s95
canon g12