I've got an LX5 as well and I've been very happy with the quality.
In bright sunlight I find no need to use a tripod for most shots. My stability significantly improved when I bought the electronic view finder and could stop holding the thing away from my body. I don't get great results with the macro mode unless I brace the camera or put it on a tripod.
As far as metering, I just leave it in a P mode most of the time. It usually tries to use a wide open aperture which has plenty of depth of field given the small sensor. So sorry not to have any good advice on this. Also, the exposures are almost always right on so I rarely use the exposure compensation.
As far as quality, I made a 16x20 from a shot and I was really happy with the results. It came out much better than I expected. Certainly not up to 4x5 quality if you press your nose to it, but looks great from 18 inches away.
In addition to the electronic view finder I put a new lens cap on the thing, Amazon.com: Auto Lens Cap For PANASONIC LUMIX DMC LX5 LX-5 LEICA D-LUX 5(Black) + 1 Premium GOJA Microfiber Lens Cleaning Cloth: Camera & Photo as well as a really right stuff quick release plate. I'm happy with both additions. Also getting the filter adapter lets you use a polarizer or ND filter, which I find useful. Though I frequently just hold them in front and cal it good enough.
It may be digital but there's nothing stopping you from running a full series of zoned exposures. Be sure to expose out to a few zones below 0 and a few zones above 10. Once you have the raw files, take a look in photoshop and see how much more info is actually available at the upper and lower ends. You'll come away with a much better understanding of just what the sensor is capable of. This is way quicker and easier than doing the same with 4x5 film.
One of the features that will pleasantly surprise you is the quality of the video captures these little things make.
It doesn't seem quite right that something that small can make large images that good.
When I do zone tests, I place a white textured washcloth on a black cloth background. Meter off the washcloth. Expose from zone -3 to zone 13 in 1/3 stops (I add a card in the photo identifying what zone it was shot in). You'll see when you start to lose texture or tonality at both ends. Then take a look at the underexposed or overexposed images in photoshop and see which ones can be adjusted to show texture (and see if you're willing to live with the results). This isn't about HDR, it's just learning what the camera sensor is capable of capturing. Now I have to add, this is based on shooting for black and white. If you're interested in shooting color, you might want to expand this to include colored washcloths to see if the sensor has different behavior with different colors. (It's easy to include RGB washcloths and check the zone of each one.) Sounds like a lot of work but really it's nothing compared to running the tests shooting 4x5 Velvia (do they still make that?). Anyway, it just depends on how much of a "Zoney" you are...
Being an avid backpacker myself, I would not dream of leaving my tripod at home. Loose something of less importance such as:
spare underwear
extra socks
3 season tent
fishing gear
or perhaps the ultimate sacrifice - eat freeze dried food ( YUCK! )
I could go on, but for me a tripod is an essential. Suck it up, throw it in your pack & share the picts with us when you get back.
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