Mate the exact reasons I am thinking about one for the back-pocket - while the MFT kit come in the bag when I'm on a mission. And the fact that you're impressed with it - noting our gear line-up is almost identical - then that's a big tick for me.Snapseed's selective focus on the first one.
I got this camera to try a specific project, but I'm thinking this might be a walk-about and social situation keeper.
The bloke I bught it from (see Sold: Ricoh GRD III - FM Forums) said he did a lot of shooting at snap focus, f8 and with flash, for really quick snaps. ive tried that approach, and it works pretty well. The GRD interface and controls are truly amazing, and it fits in my jeans pocket. Could never be my only camera, but its a nice additional body to have around.
I live in snap focus on this camera, but there's no reason to shoot at f8 on this camera. The DOF scale on the camera is useless - you have waaaaay more DOF than it'll tell you. At f2.2 and a snap distance of 2.5 meters, everything from 4 feet to roughly infinity is in focus. At f4 and a snap distance of 1.5 meters, everything from 2.5 feet to infinity is in focus. There's no need to shoot at f8 for DOF and you're probably well into diffraction territory at such a small aperture with that sensor. Build yourself a DOF table and get to know what the cam's real capabilities are so you won't get sucked in by the electronic scale on the screen.