If you're looking for something around the size of the D-lux in a point and shoot, I just bought a Canon S90 and really like it. It has the same sensor as Canon's G11, but with a better lens in a much smaller and lighter body. It's pricey but still $300 cheaper than the D-Lux 4 and has very good image quality for a compact. It also has full manual controls and a programmable control ring on the front that makes changing common settings like aperture/shutter speed/ISO very quick and intuitive without having to dig through menu options.
Granted, the D-Lux 4 has HD video and a hot shoe, but neither of those are things I see myself needing in a compact camera.
For what it's worth, from what I've read the D-Lux 4 is basically a more expensive Panasonic LX-3 (which has a Leica lens), so you might look at those as well.