spent the weekend shooting this camera, a couple of personal conclusions
at f/2, the lens does have a more classic rendering - sharp, with a slight blurring haze. great for portraits.
at f/2.8 onwards, it is completely sharp, yes it can blur the background nicely at f/2.8 too... i think the Leica X1 lens has more contrast
the lens is sharp. edge to edge, for all practical purposes, it is a great high performing fixed lens. I'm sure pixel peepers will be able to find that there's some CA and edge softness, but I haven't seen them so far.
colors are nice! response from various folks have remarked on the beauty of the color palette, typical of fujifilm.
short of the leica m8/m9/x1 that is properly utilized, this camera has the highest image quality of any compact point and shoot camera that i have used in my life.
wide open, the maximum shutter speed is 1/1000s... so had a few over exposed shots in my eagerness to use maximum aperture on everything.
the in built neutral density filter is really powerful, i think it seems like its 3 stops or something. only thing is that its not automatic - you have to enable it in bright light and disable it in low light. otherwise you'll be getting 1/5s indoors at f/2.
it is very light, easy to carry around, solidly built and everyone thinks of it as a cheap vintage film camera and are totally surprised when they see an LCD screen at the back.
focusing at close distances (for me at least) is a little bit tough, it seems like on regular AF mode, the optimal distance is around 0.7m (like a Leica!) and at macro mode, the closest I've managed to come is around 5 inches with some difficulty. yes, there is a manual focus, but because the "lens" is so small, its easier said than done.
If you wish to, you can set it to be auto-everything, specifying the auto-ISO constraints, setting A on the shutter speed dial and the aperture ring. The fact that you can flick in between the OVF/EVF and the LCD is an added plus for non experts in using the camera.