This version of the lens is the last version with 43mm filter, and has the same optical formula as the Pre-ASPH E46 version, but with a minimum focus distance of 1m rather than 0.7m. I have been shooting with it for the 2 month, and here are the first thought of it. I will do a detailed comparison with other 50mm lenses I owned later on.
Usability
First of all, this lens has a pretty long focus throw, and no focus tab, so it would be pretty hard to focus fast. I tend to estimate the distance before focusing in the viewfinder, which cuts down some focusing time, but requires good distance estimation. The aperture ring is silky smooth, yet each aperture click is still detented enough to distinguish the settings, however, it is easy to move the aperture setting if not careful. The focus is very smooth as well, which is easy on the fingure, since the focus throw is long. The original Leica clip on revesible hood and lens cap came is a CRAP, you can't use the lens cap and the hood with a screw-in filter on, because the scew-in filter blocks the lens hood clip, and since the cap goes on the reverse side of the hood and not the lens it self, you won't be able to use the cap as well. If you would like to use filters on your lenses, I would suggest getting a 43mm clip on lens cap, or if you like to have a lens hood and filter on your lens, just buy a 43mm screw in lens hood, both are readily available for a few bucks.
Image Quality
So for a $2500 - $3000 second hand lens, the image quality better be pretty darn good....well, you really need to define "darn good". If you are expecting super sharp image corner to corner with cream like out of focus redition, you might be in for a bit of dissapointment. At f1.4 wide open, the lens is very sharp in the center, and only very slightly softer in the corners (compare the salami in the middle and at the corners, click on the pic for full size). When stopped down to f2.8, the lens is super sharp.
The bokeh is not creamy smooth like what one would get with Canon or Nikon 50mm f1.4. Its a slightly swirly, slightly busy, and slightly dreamy type. Personally I love this type of bokeh because its like som one dabbing with a oil painting brush on canvas, some people might prefer other wise. The transition from in-focus to out of focus plane is smooth and gradual rather than adrupt. The photo below is an example of the bokeh at f1.4, I will upload a better one in future.
The colors from this lens is accurate and subtle, it has the right balance between saturated look of a morden lens and subtle look of a classic lens. It retains richness of color yet not over doing it, I tend to add a slight saturation in Light Room (about +10) and no adjustment to contrast to the files from this lens.
This lens is a pre-aspherical lens, so its not going to be as perfect as the latest aspherical lens, chromic aberations will happen here and there, at very high contrast areas, but its much better than Canon 50mm f1.4 I have used in this respect. For brightly lit objects, there are also some "glow" around the edges of object in focus at f1.4, but I have only noticed it when I over exposed or for very brightly lit objects, both of these are not going to be noticible if you don't pixel peep, and do not occure often.
One thing to watch out for is that, using a ND 0.6 filter on this lens with M9 will give you vignetting at corners at f1.4. I haven't tried using a thin ND filter on this lens yet, but hopefully that will improve it. Flare is not a problem for this lens, I only got prominant flare once, shooting into the sun, if you keep a hood on, it shouldn't be a problem.
Overall, the image quality from this lens is excellent, it renders images towards classic side, yet keeps optical aberations to a minimal. The images are sharp wide open, and even sharper stopped down, but it should not be compared to the latest ultra sharp ASPH lenses from Leica.
Construction
Very well put together, heavy, and so sexy that you want to foundle it, and admit it, all of you Leica addicts foundle your lenses :P.
Summary
So, is it worth the $2500-3000 price tag? image quality is excellent, much much better than canon or nikon 50mm f1.4 (which btw cost 1/6th price), however I really need to try out the Zeiss 50mm f1.4 Sonnar to make up my mind if the image quality alone is worth the price. Build quality wise, its typical Leica. There are few quirks in usability department, mainly the focus throw and the hood, the focus throw might put some street photographers off, and the hood belongs in the bin.
Anyways, I will do a comparison of this lens with others I have used, owned in future so stay tuned. Here are few photos I took in the 2 month, I havent taken that many, since Im concentrating on using 35mm focal length at the moment.
