^ Mostly that. Also, it's curious why they decided to go the route of not-quite-4:3-sized sensor, as opposed to utilizing the whole sensor for 4:3 format and just cropping for other formats (3:2, 1:1, 16:9, etc.) - guessing the lens would've been bigger than they wanted. Personally, I was hoping Panny would go the route of Coolpix A/Ricoh GR/x100(S/T) and offer one with a really nice prime lens with smaller size. As is, it's approaching the G1 X size.
With all that said, assuming you're okay with substantially bigger size, RX100III has a stiff competition, at least on paper.