HI There
Monza - as far as I'm aware the case is made of titanium - mind you, titanium isn't that expensive.
Hired arm - as you must be aware, you can buy a slim and elegant watch with hands that'll pass muster at any event (who looks or cares . . . and if they do, do you want to impress them?) - for a few dollars, with a digital heart which will out perform any Rolex (unless you happen to be in the arctic, or 50metres under water).
Woody - I don't see any signs that Leica are heading down the old Hermes dead end - surely the S2 is a real counter indicator to this. On the other hand they have a history of producing 'limited editions'.
I agree with Brad - why on earth not, you certainly aren't forced to buy one (I'm definitely not going to!). Still, most of us here like our little bit of 'jewellery', whether it's a fancy and unnecessary watch, or a nice Luigi case for our M8 . . . or a titanium D-lux4.
If Leica make a few bucks out of it (and I'm sure they will), then that's good for everyone, and if a few people are happy with their deluxe toy (and I'm sure they will be) then surely we should be pleased about that too.
It isn't even vulgar (like a jewel bedecked watch).