All photos taken at f4.3 and 28mm, exposure compensation set to 0, contrast/color depth = 0 and reduced sharpness to -2. DNG file converted to TIFF (using dcraw with these command line switches -w -q 3 -f -T).
As you can see in below crops, GX200 DNG files are sharper, less hazy and contains more details. On the other hand, they are noisier, which is a real problem from ISO800 and above. As for JPEG, it's hard to say something positive about GX200 JPEG. The GX200 JPEG files are simply overprocessed. These crops clearly show how conservative is the GX100 noise reduction and JPEG processing. The amount of noise is more or less the same in ISO80-400 shots. The NR is a bit stronger from ISO400 and above, but definitely nothing that destructive as you can see in GX200 crops. Also, the GX200 now uses significantly stronger sharpening (even with Sharpening set to -2). It's a pity, because GX200 DNG files are visibly sharper than GX100 files. So there is definitely no need of such strong sharpening in JPEG.
I can imagine that Ricoh engineers must have a strong headache optimizing the GX200 NR for increased amount of noise coming from 12MP sensor. This is another good example that increased MP count is not the best way of evolution. I personally don't care about JPEG and not much about noise. However, the GX100 sensor is a clear winner in this match. I really hope that Ricoh will follow the Panasonic's initiative and stop the silly MP war. Less is often more and GX200 is a very good example of this old truth.
Source DNG files can be downloaded here:
GX200 DNG (use 7zip to extract the 7z files, MAC users should have to use one of >these<)
gx200_64.7z
gx200_100.7z
gx200_200.7z
gx200_400.7z
gx200_800.7z
gx200_1600.7z
GX100 DNG
gx100_80.7z
gx100_100.7z
gx100_200.7z
gx100_400.7z
gx100_800.7z
gx100_1600.7z






