Ah. Never mind, I have just found "that" thread. I guess I'm ONLY 5 days late to the party.
Anyway. I think I see the problem. Most people here probably don't shoot primarily with small-sensor cameras; I do. Hence we're coming from opposite directions -- while people who are used to M's can only see the limitations, I see only strengths, because this new system is far better quality and flexible than what small-sensor afficionados are used to. It's why I'm excited about the possible opportunities it will open for me.
There's a place for large format cameras -- it's why I just ditched my D-Lux 3 for a Nikon D80 and am already saving up to get a D700. But those big sensor cameras will be used for work. As a hobbyist tool, I'd much rather have a small camera in my trouser pocket in the streets, where I tend to do my photography for pleasure.
To each his own, I guess. But I have to say it again, though: bring on the digital CM!