There have been questions regarding the noise characteristics of the New Ricoh GXR camera with the S10 lens module -- especially in comparison with the earlier GX100 and GX200 cameras.  After I purchased my GXR, I took it to my usual camera and lens testing venue:  The National Air and Space Museum's Udvar-Hazy Center, near Washington, DC's Dulles Airport.  Comparing these two cameras is a little easier than comparing the GXR with the GX200 -- the GX200 having a 12MP sensor.

This is a pretty simple comparison using a subject (the Sikorsky UH-34D) I've shot before for similar tests.  The full image is at the bottom of this page.  Shooting and processing factors:

• Handheld with image stabilization; lens fully wide (5.1mm).
• RAW (DNR) image files so there is no in-camera JPEG noise reduction.
• Processed with Adobe Camera Raw 5.5 with the "embedded" camera profile; no noise reduction; no exposure adjustment; 450 x 450 pixel section saved directly to a JPEG with PhotoShop's highest quality setting (so the EXIF data was saved with the images).

My conclusion is that the GXR/S10 has about a 1/2 to 1-stop advantage over the GX100.  However, looking at the ISO 1600 and 3200 images, it looks like Ricoh is doing some work in the camera which is resulting in a "gloppier" looking image -- at least at high magnification.  In prints or on the Web, it is probably not that much of a problem.