I'm also trying to figure out which has a faster speed on shot to shot time. I don't know which spec to look out for. ...Which among these cameras has the fastest speed? What terms among the spec should I look into?
Per Gordon's reviews of the G16
, "Continuous Shooting" times (listed near the bottom of the respective pages) are the same for both models.
Is the new S120 better than the LX7 in low light situations?
Not to my eye. But I would recommend you check the "Noise" pages on both the previously linked S120 review and Gordon's LX7 review
and compare for yourself.