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Got the Panasonic DMC-TZ31, Sony DSC-HX9V and Sony DSC-HX20V borrowed and taken test images.
For specifications, I have nothing to say, who knows you so if you want to buy a camera, yes.
My choice was: decent image, Full HD video and panoramic image.

One more thing in anticipation! The comparison of an SLR to compact camera can save. Since the image sensor in the DSLR is simply bigger, these images are also much better. A compact camera comes not go there.
Thus, I only review what is currently the best state of the art for a compact camera.

Here is my ranking of the cameras:

Sony DSC-HX20V 1
2. Panasonic DMC-TZ31
3. Sony DSC-HX9V

When HX20V the image was really best. I bemacht (without flash to the murals do not damage) images in a church. Here the lighting is not so easy and so I could see the differences. The images of HX20V were brighter in the dark and you could tell more. The noise she had very good grip. If only because the point I was about to grab again to the HX20V. The TZ31 and HX9V from noise were also OK, but just very dark.
The stone contours were clearly visible where the other two did limp in HX20V.
By candlelight both Sonys were equal. They saw each flame. When TZ31 all flames were mingled in one another.
At full optical zoom (Kirchspitze) the HX20V was sensational. Razor sharp. The TZ was also OK, but not better!
The HX20V makes the sharpest panoramic image. The handling of this is really great.
Outdoors in sunshine all 3 cameras are super. See the TZ31 as well Wetterkamera. The HDR 'function in the HX20V is better than that of TZ31. Here also the HX20V has the edge.
The full HD videos the HX20V was also best. The always beautiful nachfokusiert and thus the picture was always sharp. When TZ31 bothered me that the picture was always gradually nachfokusiert. So it was not liquid transition. The sound is better than the TZ31 in the HX20V! The HX9V was only marginally from the Full HD worse.
The 3D images, the HX20V has made the best. Here, the TZ31 is weak. The picture flickers strongly and the 3D effect is zero! The Sony is much easier to handle. Here no swivel must be made. The Sony makes 2 images and sets the picture together so that creates a 3D effect. When TZ31 you have to drive from left to right. The investigated then the 2 best pictures and turns it into a 3D image. The storage format for all 3 cameras is MOP. Here may be differences from camera to camera!
The image stabilizer is at all 3 cameras very well up slightly for the TZ31.
When I could look at the pictures on the PC, with great resolution the image in the HX20V was sharper than the TZ31. The HX9V was here in third place.
Where you at the TZ31 only saw yellow, one could still in the HX20V a contour recognize (For photos of Statue and crest).
The focusing and trigger was in the TZ31 and HX20V still within acceptable limits. But for very spontaneous images may not be applicable gebrachen. Here the HX9V is very slow.

The HX20V is available in brown and black. Both, however, look different up. So just look at what you can find better. I opted for the brown that looks this Edler. Otherwise, all cameras are well made (as far as I could estimate that). You have to get used to how you hold the camera only when the Sony's. Otherwise you can not extend the flash. When the flash will go out, then you realize that already if you should still have your finger on the flash.
GPS I have not tested since I do not think that's important.

When HX20V can intervene a little manually (brightness, ISO). But of course, not so much like a reflex. When TZ unfortunately I do not know how one can intervene. When HX20V I find it funny that you can see everything is yellow, red and green. Everything is then black and white, only the trees are green, for example. Looks cool. From a rotated video can generate an image. However, one must not have excessive quality standards here. It works very well, but the image quality of a 'normal' photo is better.
The Background Defocus works great as well. However, only if you stand close to the on-focus object. Triggering with a smile does not work so special. In my test object it has also triggered if was not laughed :-).

What bothers me is the poor battery life and the poor camera description (manual). The manual is on the camera. If you do not know what, then you can read the manual on the camera. However, one must then go back from the menu to search for the setting (Yes, as long you should keep everything in your mind what you read). For this, the description is usually very unausführlich.
Also not so great is the lack of display of maturity in the video function. When video shooting is not displayed, as long as I can still shoot until the memory card is full. That could even my 8 years old Casio. Thus, you never know when filming, when the memory card is full. Here the danger is very great, which is all of a sudden. Only when I put the wheel on video, it shows me on the screen, how long can I film (but who wants to always change when I can comfortably start the video in the automatic adjustment by pressing a button, the video function). But is then forced to start, this flag disappears. According to the Internet can a maximum of 29 minutes will be filmed at a time. Not so with a photo, here is displayed continuously as many pictures I can still make up the storage medium is full.
Moreover, it is in the highest resolution 1080p impossible to snap a photo. This is only for less than 1080i and not 1080p. But you should need an image from the video, then one can still be generated from the video (above). Otherwise, you can press the shutter button while filming and there is a picture taken (not 1080p).

When HX20V can between the formats 16: 3 selected: 9 and 4. The 16: 9 is the typical the images to view on the LCD TV. The 4: 3 is suitable for the PC screen. As already criticized here, the camera can not 3. 2 For me, this is not a problem because I do not prints images. I prefer to make a photo book or look for me on the TV. But if I want to develop a time frame, then I have to adapt with the Photo Software the ground plane. Think this will work out somehow. In principle, you are always in conflict, what format you want to set.
To the RAW format, I can not say much. Do not know what you ever need the :-). Aufjedenfall the HX20V this has not!

So for me, the HX20V clearly the number 1 The pictures are just great in the segment. At the TZ31 is very positive that it is thinner than the Sony. The pocket will thank's :-). The TZ is a bit more intuitive to use than the Sony. Ultimately, it is indeed also the image. Unfortunately, Sony is very expensive with 419 euro. Here, the TZ31 is cheaper.
I have more invested the 50 Euros for the HX20V, because it was important for me to have a better picture. About the can of course argue. Therefore, I give the Sony HX20V 5 stars what the performance in terms (if the price is secondary for the first time). Whether you are ready to charge to pay for the picture quality, you have to decide for themselves. I say it was worth it as the main argument for a camera so the image is.
But because of the very poor battery life, other little quirks and description, I regret to deduct a star.
I strongly recommend to buy a second battery (Sony overpriced) and best to have a charger to charge both batteries at the same time (eg when you are on holiday).

Nevertheless, I would simply advise you to go even to a store and test the photos on site. Clear cost them something more than on Amazon. But it must be a value.

So, enough written. Hope it was not too confusing :-).
Have fun with the camera!