I use both the GRD3 and the LX5, and IMHO, the GRD3 blows the LX5 out of the water, to the point that the only time I use the LX5 is when I need a longer focal length. I carry both in my bag, but the GRD3 is my compact of choice. There's a multitude of reasons for this:
Image quality: the Ricoh seems much sharper than the LX5, although the LX5 is still excellent
High ISO: The GRD3 is good all the way up to 1600 (the highest setting). I find that anything above 800 on the LX5 needs more aggressive NR in post
Controls: The menus on the GRD, on the rare occasion that I need to go into them, seem better laid-out. Plus, the GRD has front and back control wheels, much like my DSLR. The buttons are easier to locate and press than the LX5 as well. And the mode dial has a lock on it.
Ergonomics: The GRD grip is what makes it feel like an extension of your hand. It really is that good. The LX5, in comparison, feels a bit awkward.
The GRD3 has no lens cap to worry about.
Snap Focus: This feature by itself makes the GDR3 a winner over the LX5. Set your snap focusing distance, and your done. You can snap away without waiting for AF.
Don't get me wrong: both are great cameras, which is why I carry both. But if I had to give one up, I'd keep the Ricoh every time. It's absolutely amazing!