With the GRDIII, because it has a small sensor and a 28mm-e focal length, you don’t need f8 to get the depth of field required for street shooting. Snap focusing makes shutter lag practically non existant, as the lens does not have to autofocus.
The race for the ultimate compact is looking better and better – Ricoh GRD III & Olympus XZ-1. One thing that needs to be kept in mind is the size and how pocketable the actual camera is. I’m currently struggling with the Nikon P7000 and its size. I should have given this point some further thought but with hindsight 20/20 as they say. I’m still happy with the P7000 as I got this shot yesterday but still something smaller makes it a no brainer.