A more capable camera has the ability to take pictures in conditions that other cameras can't and we consider them noisy? Nope - goes back to the user. Learn to use it or get a point and shoot. I read too many reviews where there were complaints about noise from some, but raves about performance from others under less than ideal lighting conditions. That tells me that it's the user, not the camera.
3x optical is very limited and most of the unknowing public buys these little shirt pocket cameras not knowing their limitations. Those that do understand what they're getting will be perfectly happy. With the Pannies, set the camera at 3 MP or less and get a boost in optical quality zoom (Panasonic calls it Extended Optical Zoom).
The TZ1/3 is in a league of it's own. It's the smallest "super zoom" out there. While not as small as the sexy 3xers, it'll still fit in a shirt pocket and is an incrediably capable little camera with the best image stabilization on the market - they invented it.
I was just going to agree with the previous comment about 12 MP being crammed on a small sensor, but I just checked the specs on the 100 and it uses a larger CCD. I still don't know about 12 MP, but the extended optical zoom on this camera goes up to 7x now @ 3MP or less. High sensity mode has been raised to an ISO of 6400!! In addition to the Mega IS, it has an automatic Intelligent ISO control.
This camera is looking really sweet, but I can't find any pricing or availability. I'm guessing that it's $500+.