I've been working with the LX100.2 for several years now and am still fascinated.
The *only* drawback is the fixed LCD display. But the lense is really good and the range from portrait to wide angle plus a little macro covers most situations on everyday strolls both in towns and in nature.
The best feature of all for me: *all* important settings can be done on the body of the camera, no need to endlessly scroll through menus.
I on the other hand am thoroughly disenchanted when it comes to the G1X III - not because it's a bad camera, but because it wouldn't take a lot to make it a much better one - in fact, they'd only have to replace the lens with a good prime (they could just use the optics of their M 22mm f/2) and maybe update the sensor. However, for portability and use in the great outdoors, it's still one of the best picks on the market - sturdy, pretty well sealed (I've tested it in that regard), solid image quality in good (enough) light. Still, it's sluggish compared to just about everything else I shoot with, and the lens, along with the sensor and stabilisation, have limitations that will show from time to time - too frequently for my liking.
The only other large sensor compact with a modicum of sealing that I'd also consider pocketable is the Fujifilm X100V - but that one's too much of a faff; the camera is definitely very good, but many aspects of it are just expensive bling, and you have to get accessories to complete the sealing - from this perspective, it's even more overpriced than the G1X III was/is. I'll freely admit that I'm truely fascinated by Fujifilm's latest, but it also irritates the heck out of me. Of course, that's just my opinion, YMMV.
Nothing against the LX100 II - it's just a camera that's a little bigger than I'd like (remember I owned the LX100 and know all about its pocketability), and truth be told, if I was thinking about somthing of that gestalt in earnest, I'd opt for the Q2 today: sealed, great build, fantastic image quality - just about everything is superior if you can live without a zoom lens. I know how thoroughly unfair this comparison is - to the point of it being somewhat unreasonable. But that's how things are for me currently.
Anyhow, once a camera takes up the main compartment in my EDC bag (ONA Bowery), it has to compete against the Nikon Z 6 with Z 40mm f/2 as well as the Olympus E-M5 III with 12-45mm f/4 PRO - and most just lose, either in terms of IQ or versatility or price-performance ratio, if not several of those factors. The Q2, however, wins quite a few contests there - though not all it should, considering its price.
If I think about a compact camera, I want something smaller, something truely (jacket) pocketable that I also don't have to worry about using in all conditions (that's what being portable really means, right - that you can take it with you) - and, irritatingly, the G1X III still seems the only camera that ticks all the boxes in this respect (if you insist on sufficient sealing, as I do). There are some small sensor choices, even if they're not for me - but maybe for you (e.g. the Olympus TG-6 or its predecessors)?
M.