Canon G10 vs. Panasonic LX3

Looking to buy either of these cameras. I'm trying to get SLR, or close to quality, with the point and shoot convenience.
I'll mostly be using this for photographing downhill mountain bike riding (fast paced action shots), and portraits, along with everyday point and shoot use.
Both camera's have great review, just curious as other people thoughts on them regarding my specific use.

Fred-
I shoot lots of mtb and snow action stuff. If mountain bike photos is your main goal, I would encourage you to buy a digital SLR instead. Even thought the Canon G10 and Panasonic LX3 are excellent for compact cameras, they still won't compete with DSLR with respect to image quality, speed, or auto focus performance. With good technique you will be able to get good action photos with either camera. But you won't be able to time your photos as well or push them as hard as you'd be able to with even a second-hand digital SLR.

Thanks for the advise John. I see your photos and post over on MTBR all the time.
Anyways, been keeping my eye out for DSLR's on craigslist and here's what's available.
Canon Rebel Xt DSLR (350D) - Comes with lens - 18-55mm efs and 2 batteries.
That's all....
Would I be better off with the Rebel or the Canon G10. I used to do film photography so I can manage a DSLR fine, just didn't want the upcharge over a good point and shoot. The Rebel would be cheaper than the G10 in this case though.
What should I go for?
Edit: Found a few more on craigslist.
-Olympus E-410 with 14-42MM plus 40-150 Lens SLR DIGITAL CAMERA
A bit over the cost of the G10, but if it's worth it I might pick it up.
-Camera Olympus Evolt E300 8MP Digital SLR with Zuiko 14-45mm f3.5-5.6 Digital SLR Lens
Cheaper than the G10, same as the Rebel.
These are my options, that or going and buying a cheap new DSLR like a Sony alpha DSLR-A200K 10.2-Megapixel Digital SLR Camera & 18-70mm Lens, or Nikon D40 6.1-Megapixel Digital SLR Camera & 18-55mm Lens. Both around the $500 mark.
What's my best option?

If $500 is acceptable for you, I just ordered a Canon Rebel XS from Adorama for $500, with a 18-55mm IS lens and a 70-300mm lens ($150 instant rebate with the extra lens, but the camera + 18-55 IS lens is still about $500). With memory card, extra battery, filter, and a bag (plus shipping), it was about $650 for me.

Otherwise, you can probably find better used deals