I am also a bit shocked (and dismayed...I still have not gotten around to selling my S2) by the price, but it is a screaming deal. Certainly as a system it is among the leaders for consistently high image quality.
Regarding the upcoming S, I agree with tjv in assessing it as a very hard sell at this point. I was not impressed when I saw that it was still only 37.5mp, and that was back at Photokina. Personally, I think Leica's thoughts about the S system are swayed too much by a few fashion professionals, rather than the general users of the system. Look at their S magazine and all their S promotions...the vast majority of it is fashion. In reality though, I think most S cameras are probably not being used for fashion, but by people working on locations who prioritize quality and handling, and by amateur photographers who do the same. For fashion high megapixels might not be as important as more shooting speed, 4k, higher ISO and so on, but I think most other users of the system are choosing it for the superiority of the lenses. When I zoom in at 3:1 on an S photo taken with the 120 macro, for example, it is clear that the lens is dramatically out-resolving the sensor. Seeing as Leica lenses are the best reason to shoot Leica cameras, I think the decision to prioritize speed and high ISO over resolution was a misguided one. Leica can say all they want that 37.5mp is enough and to a large extent they are right, but it is hard for them to say it at the same time they are trying to talk about how high resolution their lenses are. It is a hard sell when a photographer knows that if you took an S lens off the 007 and popped it on a Canon or Sony it would resolve substantially more while saving the photographer 22,000 USD.
I absolutely adore the S and believe it has many many advantages over my A7s, but I bought the A7S so I could do video, rather than wait for the upcoming S as it was cheaper, currently available, and seemed to be much better tailored to video than the implementation proposed in the 007. I wish they had let the S continue to do what the whole system was designed to do -- blow away the competition in image quality and ergonomics. The camera they announced will be the lowest resolution medium format digital flagship, as well as lower resolution than the current generation of high resolution DSLR's...I think that was a very bad direction to go in. Unless there is some magic trick that it can do that is not yet public, I personally do not think I will be buying one. The feature set is basically that of the D800 (36.3mp CMOS, 4fps, 100-6400, live view, 1080p 30p) only going on 3.5 years later and adding a bigger sensor, cropped frame 4k, GPS and a S mount.
The S should be at least 60mp, with an option for using lower MP counts with pixel binning for people who don't need or want the file size.
/rant over
