I don't have experience with the Ricoh, but I quite like my Tvs. I picked mine up for a little under US$90, and I'd say it's definitely worth that. Build quality is very good with a mostly titanium body. The zooming viewfinder is quite nice, it's decently bright and has a very easy to read LCD information display. The controls are pretty intuitive, though I do sometimes find myself accidentally changing the zoom while trying to adjust the aperture. The lens is decent, a little soft in the corners and not as fast as the Ricoh's, but the zoom functionality is convenient. At f/6.5 at the long end, though, you'll definitely be needing the flash when you're not outdoors during the daytime.
The GR10 will probably win out in image quality and compactness, but as far as build quality, ease of use, and convenience goes, the Tvs is a solid choice.