m8 - why so great? why so expensive??

Hi all - hope you don't mind a little ol' Nikon user intruding on your forum a bit.

I keep finding myself back in this forum looking at your amazing photos. I must confess I was a big fan of Leica King's photos of geisha's etc. (I love b&w street photography) but sadly having read the recent stuff about him/her (perhaps - perhaps somebody else?) I guess that's soured it a bit.

Anyway, that's by the by.

Anyway, my question(s) - I'm intrigued by what makes the M8 such a great camera in people's eyes, and what makes it so expensive?

I have only just bought my first proper camera - a Nikon D50 - and it, well, takes pictures. And it cost me £400 (UK). One day, when I get much more experience it might even take great pictures! Who knows!!

What's so special about the M8 that makes it worth £3000? It's a pretty looking camera yes, it's quality looks good from photos I've seen (though seems a few of you have been having a few problems with yours). I'm intrigued as to what makes it so very expensive? Is it the name that pushes the price up?

All the best

Glenn
A Nikon user who thinks Leica's are pretty!