Anyone that compares specsheets is only getting half the story, and on that basis alone the Canon 350D would beat the hell out of a Leica M9 on focus points and AF accuracy, and the G12 would beat a Phase One or Leaf based on high ISO capability. Time to turn off the internet when it gets that bad, IMHO.
Instead, I'm really interested in this because it offers that timeless design, on-body control and solid build. Aperture, for example, is surely more natural when the dial that controls it sits around the lens...
However, there is one problem, and it's the price, but not for the reasons most fear. £1000 is very little in the world of photography, really, and we all know it - many of you have lenses that cost double that.
Instead, for about another £750-1000, you can get a used Leica M8. The M8 has the same timeless design, the on-body control, but has the backup of the interchangeable lens system, that leica glass, and a feeling that you just bought the real thing, rather than a nicely dressed and well-specced impostor.
If you can afford £1000 for a compact, then in reality you can probably find the extra, even if it's just a few months longer wait. So, the real question is - do you invest £1000 in this now [and I'm sure it'll reward in spades..] or are you putting off the inevitable yet again? If you want an M, and you get what they're all about, then eventually you'll get one. Might as well buy it early....