Chris2210: Looks like a nice lens - wonder how it will compare with the Panny 20mm f1.7?
That lens is smaller, [slightly] faster and cheaper - albeit build quality does not look so good. It is one of my favourite lenses, because it's sharp - and vitally for m4/3 it's a pancake. So that's quality and compactness and the ability to create shallow DoF even in this format. For me personally, I can't see what would be compelling about this Olympus [rough] alternative, particularly given the price.
As for m4/3 vs FF. they're different beasts and it's ultimately futile to compare.
Quality in the smaller format will always lag behind because of the physical limitations. But that size factor can be a huge advantage too and a lot of the time [perhaps most] quality is more than good enough. But let's just not pretend it's AS GOOD as current generation FF, because you're putting a welterweight in with a heavyweight...
Sadly, any new NEX announced will still be made by Sony, and Sony has to do a lot to convince me that they started caring about their customers... see H9, PS3, and many others...So, no matter how good a NEX is, still no go for me.
Petka: Have you good people never used the B&W conversion function in newer versions of PS or Lightroom? It is not just that you pull the saturation slider to the left and get a B&W photo. In Lightroom 4, for example, there are 8 sliders for different colors with which you control how those colors appear on the B&W output. That gives the same flexibility as having an infinite number of color filters to put on in front of this monochrome camera when shooting, except that you can do it in the privacy of your own home, and experiment and make different looking B&W prints from the same file. All this flexibility and creative possibility is lost with this Leica. Leica know this, but hopes and prays that the people getting this camera do not know it.
I hope somebody makes an honest comparison with D800 and this Monochrom showing this simple fact how much creative and quality adjustment possibilities are lost when using a monochrome sensor compared to color RAW and B&W conversion in post.
When you shoot with a color camera, there are exactly 3 filters you use: R, G, and B. With the sliders you can adjust the intensity coming from each one of these filters. There is nothing you can do to put in a filter at a different wavelength than was originally used, or to use a filter with a different mix of wavelengths. That information is lost.