Have 2 Fuji cams so I can give some comment going through the specs.
- The lumix has wider wide angle 25mm vs 28mm in fuji
- The HD movie recording is done in mono, so much for the HD mode
, the seems to be better here with AVClite and stereo
- Fuji doesnt have good batt life but since this uses AA battery you should be able to get 220-250 shots with Eneloop batt, panny uses Li-ion internal batt, should work around 150 shots or less. If you use zoom more I would think the batt life would be worse on the panny. Fuji will be winner here in batt life
- Image quality will be great in the daylight but poor in low light as the CCD sensor is same as most of the P&S cams. Cannot comment on panny as I have no personal exp.
- The flash is good/strong so you be able to shoot good pics of subjects with flash compared to the tiny flash found in panny.
- Weight/Size would be a consideration as Fuji is heavier and bigger and Panny is half weight and more compact.
So you need to decide in which are you willing to make a compromise
EDIT: I doubt panny would give even 120 shots if flash was used 40% of the time. The battery is crappy 895mah :/