Panasonic Lumix DMC-ZS3 Review at InfoSyncWorld, and comparison with the Fuji F200 – Score: 73% (GOOD), and Mike Perlman says:
The 12x optical Leica DC Vario-Elmar lens with 25mm telephoto capability was a welcome carryover from the Lumix DMC-ZS1, and we were able to capture a lot of content in our shots without having to back up significantly. Panasonic's Mega OIS came to the rescue while we were at full zoom, retaining a relatively solid image. The Lumix DMC-ZS3 is certainly one of the most advanced compacts on the market, and one we truly enjoyed shooting with.
There are links to 12 high-resolution images straight from the camera at the end of the article.
In the introduction, Mike wrote the following:
The Lumix DMC-ZS3 also gave the Fujifilm Finepix F200 EXR a run for its money, but we’d have to hand image quality over to the Finepix. Discerning shooters who are looking for a great performance compact will be torn between both models.
Having seen tons of sample photos from the ZS3 / TZ7, and owning the Fuji F200 myself, I'd have to say that for outright image quality, I concur with Mike's assessment.