The GR IIIx is the answer to a specific question: what is the smallest camera you can own that still produces genuinely good photographs? Ricoh’s answer fits in a jacket pocket, weighs 262 grams, and contains a 24.2-megapixel APS-C sensor with no anti-aliasing filter, paired to a 40mm-equivalent f/2.8 lens with built-in three-axis image stabilisation.
The 40mm focal length is the significant difference from the standard GR III (which shoots at 28mm). It is closer to how people see, which makes it more comfortable for environmental portraits, street photography, and travel work without the distortion that wider glass can introduce. The lens is sharp from corner to corner at most apertures, and the sensor resolves detail in a way that larger-looking cameras frequently fail to match.
There is a built-in ND filter, snap focus with configurable distance, and a menu system that rewards people who take the time to learn it. The battery life is reasonable for the category. No viewfinder, but the screen is good enough outdoors.
The GR IIIx holds its price because it holds its reputation. Photographers who buy one tend to keep it for years, and the used market reflects that. At £999 it is a considered purchase, but it is also the last compact camera most people will ever need to buy.