The LX5 came out in 2010 so it's already in it's fourth year. Panasonic took a long time to replace the LX5 with the LX7 but my LX5 just keeps on going. There's no interest on my part to upgrade to the LX7 at present, the LX5 does pretty well as is it.
The sensor is 1/1.63", so it's really tiny but it does the job. The sensor in the LX7 is 1/1.7", so it's actually smaller the LX5 sensor. The zoom range is the same, equivalent to a 24-90 (3.8x) so there's no advantage there. The only thing I can see that's better is the brighter lens: f1.4-f2.3 on the LX7 against f2.0-f3.3 for the LX5. But then again I don't use this camera indoors or in low light siuations anyway.
Conclusion: The LX5 stays.
The sensor is 1/1.63", so it's really tiny but it does the job. The sensor in the LX7 is 1/1.7", so it's actually smaller the LX5 sensor. The zoom range is the same, equivalent to a 24-90 (3.8x) so there's no advantage there. The only thing I can see that's better is the brighter lens: f1.4-f2.3 on the LX7 against f2.0-f3.3 for the LX5. But then again I don't use this camera indoors or in low light siuations anyway.
Conclusion: The LX5 stays.