All test shots hand held standing up in low light with auto ISO to stop exposure problems. Used S mode and had OIS off then on. Lens at 60mm, subject at about 3 metres. (No images to display as a waste of space).Examined the images on the camera LCD at 8x to determine shake.
So the lens type OIS is about the same effectiveness as a CCD anti-shake system that I tested on a Casio camera. Yields about 3 times the shutter period or about 1.5 stops advantage.
To me there is no difference between CCD anti-shake and lens OIS. They work the same.... except that I found when doing a video and walking I found the CCD type on the Casio introduced bounce at each careful step, while the LX3 OIS was a more gentle wobble.
The CCD type on the Casio needs to be turned off for tripod use otherwise more shake is introduced when the camera is still. So far I have not seen tripod problems with the LX3 and leave OIS on all the time.
My policy of taking 5 shots in difficult situations pays off as it seems that I will nearly always get one good shot even when past the ability of the OIS.
So that's my take, others have have steadier hands or wobblier hands and may get quite different results.