I believe this is the first time I've seen Cliff Smith award a camera an overall rating score of 10/10, but that's exactly what he did in his Panasonic FZ35 / FZ38 review.
Cliff concludes:
I was concerned that the increase in sensor resolution would have a negative impact on image quality, but this has not proved to be the case; in fact image quality is noticeably improved. There are inevitably some black shadows and burned-out highlights, but only at the extremes of contrast. The FZ38 has an additional low-speed setting of 80 ISO, at which the image quality is as good as any 12MP compact on the market, and the performance of the noise reduction system at higher ISO settings is also better, with virtually noise-free images at 400 ISO. Like the FZ28 the FZ38 has a maximum of 1600 ISO, and even at this setting the results are far from useless.
My verdict on the FZ38 is pretty much the same as for its predecessor. If you've already got an FZ28 it's probably not enough of an improvement to justify an upgrade. However for anyone else looking for a new super-zoom camera they really don't come much better than this. Build quality, handling, features, performance, image quality and versatility are superior to any of its immediate rivals, and the excellent video quality is icing on the cake. To get anything better than this you'll have to move up to a DSLR.