First of all, as the poster above mentioned, don't buy a system you can't afford.
One reason to ask yourself why do you want a Leica? I own M3 with 2 lenses, both 50s one in cheap and ancient 50mm summarit f1.5 and another is much more expensive 50mm summilux f1.4. The first one is for my BW photos and summilux is for colour. The camera and lenses are 50+ years old.
Once I got it, I sold all of my 35mm SLRs. Rangefinder suits me better in 35mm, but it might not suit you.
I also own a hasselblad, different tools for different jobs.
Things that I like about leica, besides it being the smoothest camera I have touched:
I mostly like to shoot street and portraits with it, things that I like about the camera and rangefinder in particular.
1) It's much faster to use than my hasselblad.
2) No viewfinder blackout. This is the biggy for me, with film you can't preview the image, I know if someone blinked while I was taking photo and I can retake it. It's important for portraits.
3) I like to be able to see outside of the frame, it helps me composing. No tunnel vision.
4) You are not restricted by the DOF. If something interesting is happening in the background or foreground, I can clearly see it and I can refocus.
5) Virtually no shutter lag. 16ms for M3 and 12ms for M7
http://en.wikipedia.org/wiki/Shutter_lag
6) With the M3 rangefinder, it's very easy to focus on eyes in the dark. I find it to be a big issue with my film SLRs, most of the time split screen is horizontal and it's hard to get good focus. For that reason in my hasselblad I flipped the split screen to make it vertical.
I like shooting grainy BW film on it, trix and delta 3200 with my summarit (many call it bad quality), I really like the results, even if too most people they are not "perfect" enough. As for colour, I really like the results I get using ektar and provia with my summilux. I like the character of both lenses.
Also before I bought this system, I was after both of these lenses and camera because of particular look I was after
