I've never really looked at the FZ50 before, but after checking it out and some reviews I'd be seriously considering it over the S3 or S5.
It's got a bigger sensor, which goes some way to address the high ISO noise differences. Mechanical zoom. Raw format. Rechargeable battery (which may or may not be an advantage over AA's). Wide-screen movie mode (with higher resolution).
That said, the S5 does look like a very nice camera, which is smaller and lighter if that's a concern. It really depends on what you want to use it for, and what compromises you're willing to accept.
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