It's the closest you can get to large format quality without faffing about with individual film holders etc. Very good image quality, and the build quality seemed pretty decent even on my GW690 III (the plastic one) Close focus is ok, for a rangefinder, I think it was something like a meter.
The biggest con for me is the fixed lens, ~40mm equivilant and I really don't like that focal length. Not wide enough for wide, and not tele enough for portraits. It was originally marketed at tourist groups or something, so that explains it.
Go for the I or II series if you find a nice one, they are cheaper and optically the same I think.