Picture quality: I'm not a line counter and no mega-pixel junkie. I would also take 18MP 8 passed and I was very skeptical whether the 18MP are not counterproductive. In this case, that seems to be quite well solved, because the Sony shoots in difficult scenes, including twilight, multiple images and superimposing. The result is quite good for reasonably static subjects and has little noise on. An advantage over the TZ31. In sufficiently bright environment I could respect no major differences. The image quality notice. Both cameras deliver great pictures.
Feel and operation: The TZ31 is something noble due to the metal housing, but the HX20V is due to the rubber better in your hand. The TZ31 has the advantage of a touch screen, which is unfortunately used only half-heartedly. Otherwise, both cameras can operate well. The Sony is overall a bit bigger and heavier. In the shirt or trouser pocket it contributes definitely to clear.
Video quality: Here me the quality of Sony has better liked. I had the impression that if the video is a little sharper and the sound better. The image stabilization works very well. The videos are actually a lot better than the twisted with my SLR. Only deep Blurred you do not get due to the sensor size the video (for images, however, already) back.
Speed: the TZ31 wins clearly. Although both cameras can nominally hold up to 10 frames / sec, the Sony sets after each continuous shooting a pause (1-2 seconds). This may the Panasonic better. For snapshots, both are ok, the Sony focused at the telephoto end but partially slowly.
Scene programs: The Sony, as well as the Panasonic deliver a whole lot of programs. I particularly like the miniature mode of Sony (tilt-shift effect), which here, however, possible only for images, but as variable. In the TZ31 can be filmed so that even, but. Without any additional settings When Sony also the mode for the background-blurring is quite convincing. A portrait succeeds so almost like an SLR.
I have finally decided on the Sony, because I particularly liked the picture quality better under difficult lighting conditions. The video quality I liked better. The only thing that really bothers me - maybe there is still a software update - is the waiting time after a continuous shooting. For this, I subtract one point.