Hi Riley,
Can you be more specific about what you mean by lightweight? Are you looking for a compact or ultra compact? For example, the Panasonic FZ18 is lightweight and full featured, but it is not compact. But is has a wide angle (28 mm/equiv) 18X zoom lens. Do you need manual controls? Do you need a hot shoe?
If you're asking about the TZ3, it is a fine camera with little distortion at any focal length (I owned one for several months but missed it having a viewfinder). It has a wide angle, 10X zoom.
Panasonic makes very fine digital cameras but they are not known for having stellar low light capability, which may be important to you if you take a lot of low light or inside photos. If you don't mind using a camera support such as a tripod, you can keep the ISO set at 200 or below in low light.
If you're not in a rush, Fujifilm just announced a new
28-140mm equiv camera, the F100fd. As you may know, they outpace the competition when it comes to high ISO performance. The camera has "Wide Dynamic Range," which accorind to Fujifilm, has capabilities similar to those found on their S5 Pro digital SLR.
It's too early to tell how if it will have lens distortion. I recently purchased a Fujifilm F20 and am kind of shocked at the bad wide angle distortion when photographing scenes with vertical lines such as inside walls. Not very good for taking photos of interiors or buildings.
The Photo Marketing Association conference is being held in a few weeks and many new cameras will be announced. But new releases can take months before appearing on store shelves.
The Canon SD870 (no viewfinder) and SD800 (has viewfinder) are ultra compacts with 28mm wide lenses. I own the SD700 and am very impressed with it. In low light, the have better ISO performance that a lot of other cameras (up to ISO 400).
Canon SD800 Blog entry:
http://www.digicamhelp.com/camera-logs/6/Panasonic TZ3 Blog entry:
http://www.digicamhelp.com/camera-logs/7/