About 6 months ago I sadly lost my f31fd, and replaced it with a Panasonic TZ5. I have mixed feelings about the TZ5. It is noisy at all ISO settings, but I have gotten some good photos out of it. But comparing it to photos from my f31fd, I find the f31 was much better! It was fabulous! But it's gone!

Now there is the opportunity of the f200exr, which Photography Blog calls soft at full resolution, and gives it 4 1/2 stars (Highly Recommended), while the TZ5 gets an 'Essential!" rating. Now here's the question:

Will I be as happy with an f200exr as I was with the f31fd? And, will I find a great improvement over the TZ5 with the f200EXR?

What say you out there, who perhaps know any or all of these cameras?

"Will I be as happy with an f200exr as I was with the f31fd? "
Not exactly. The f31fd is maybe the best compact camera that can deliver good image at high ISO. The f200exr doesn't achieve that level. In addition, you could see the comparison between those two at http://www.dpreview.com/reviews/FujifilmF200EXR/page16.asp.

"And, will I find a great improvement over the TZ5 with the f200EXR?"
I guess so. The f200exr has more performance than the TZ5, especially with the noise issue at high IS. Normally, the TZ5 produces many noises at every ISO setting. That's bad, honestly speaking.

Hope this help and Good luck with your photography!