Frankly, from a personal perspective, I rate Panasonic's in-camera jpeg picture quality currently the highest around. (Look, this is my
subjective opinion, so if you want to yell at me, feel free to do so

). Whilst the colours may not generally be as immediately attractive as Fuji or Oly (for most I'd guess), the quality of the jpegs from their better models is astoundingly good. There's something special about them that the other brands seem to lack.
From the FX-3 onwards, I have noticed that their in-camera picture processing algorithms have been yielding some of the most film-like pictures around with incredibly rich tones. The current Venus II Engine is pretty amazing. If you compare shots taken with consumer cameras from all the major brands, after a while, you'd see that there's something (special) about the Panasonic pictures that a lot of the other brands lack.
Noise is often a variable that a lot of people tend to get overly hung up on. An excessive amount of it is understandably bad, but too little of it often means too little micro detail (the Fuji F11 seems to be quite the exception to this) For me, what's more important is that the noise pattern does not look objectionable. Frankly, I think sometimes, pictures that look too clean tend to lack soul. The LX1, FX9 and the FZ5 seem to capture pictures that have a lot of soul. I like Panasonics's balance of 'soul' and noise. One of the other salient attributes of the Panasonic picture quality is that I seem to be able to discern micro detail that many other camera brand's processing algorithms turn into mush - e.g., fine grass detail.