Since I have all three cameras in my hands, I decided to do a quick ISO comparison between the Leica D-Lux 4, D-Lux 5 and V-Lux 2. I included only the common ISO setting from 100 to 1600:
ISO 100 | f/2.8 | 1/3 sec
Leica D-Lux 4:
Leica D-Lux 5:
Leica D-Lux 4:
Leica D-Lux 5:
Leica V-Lux 2:
Leica D-Lux 4:
Leica D-Lux 5:
Leica V-Lux 2:
Leica D-Lux 4:
Leica D-Lux 5:
Leica V-Lux 2:
Leica D-Lux 4:
Leica D-Lux 5:
Leica V-Lux 2:
Based on this comparison, I think the Leica D-Lux 5 has the best ISO performance from the trio. What is interesting is that even the two years old Leica D-Lux 4 seems to have better ISO performance than the new V-Lux 2. Clearly, more megapixels does not mean a better picture.