The vital statistics:
9.1 megapixels (8.1 on the TZ4), 10x optical zoom on a Leica 28mm lens, 3-inch LCD (2.5 on the TZ4)
It’s got all the usual goodies: in-camera red-eye reduction, a pretty solid optical image stabilization system, face detection, and “constant AF,” which sounds annoying but may be useful — I just don’t want that little mosquito-buzz of a focusing sound happening all the time. The TZ4 and TZ5 are coming out in March for ~$300 and $350.