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I actually think that his reasoning makes a lot of sense.

For one thing, we know that Leica and Panasonic are up to something with this L2 thing. We don't know what, precisely, because they were both incredibly vague, but what could it be?

We know that Leica and Panasonic have already cooperated closely for a couple of decades, with Leica releasing a steady stream of rebadged Lumix cameras - so L2 has to be something more than that. And it has to be something more than Leica just lending their name to Panasonic-built lenses, because they already do that, too.  I get the sense that the two companies are jointly developing a single product, one that perhaps will be branded as an "L2" camera rather than there being both a Lumix and a Leica version of a new camera. 

Ok, so if they're jointly developing a new camera rather than planning yet another rebadge (which, again, wouldn't require the new L2 branding), what might that camera be? What do the companies have to offer one another? Obviously Panasonic has tons of technical expertise, not least of which is related to IBIS.  They also have much more money, manufacturing resources, etc. Sure, Leica has the design pedigree, but it needs something else, otherwise why not just go the rebadge route? I believe Leica must be bringing something technical to the table, and what else could that be but all of their accumulated APS-C knowledge and intellectual property? It may not be worth much to Leica alone, if they can't afford to continue to fund R&D, but make no mistake that it is worth something to someone - a great deal of money, I would argue.

I don't believe that Leica is going to get Panasonic involved in M development, unless they are in dire financial straits, but it seems unlikely that they would lean on any other company for their core product, and they did just release the M11, so it would be a weird time to announce a new partner. I suppose they could be getting Panasonic's help with the SL line, or the Q line, although the Q2 seems successful as is. But I really get the sense that they want to launch something under the L2 brand, not just share technology between the two existing brands.

It's true that Panasonic is heavily invested in the Micro 4/3 system and has no experience with APS-C, but that's precisely why Leica's previous work could be so valuable to them.  They wouldn't have to start from scratch - plus Leica has a motivation to share it, and both companies are already used to working together, and indeed share a lens mount. And the L2 branding is set up to be positioned as "more than a Lumix, but not quite a Leica" in terms of cachet, which I think would allow for more competitive pricing, although likely still on the premium end of the spectrum.

The biggest question mark would be the lenses, because I can't see a big push for a co-branded camera with complete reliance on legacy TL lenses, as they're priced too high for a camera that presumably would cost less than the TL/CL bodies. I can imagine all-new L2 lenses, basically like the Panasonic Leica Micro 4/3 lenses, but in L-mount.

I don't know how likely any of this is, but I don't think it's impossible.  In any case, I think it's safe to expect some change in the Panasonic-Leica business relationship that results in a more tightly integrated product than what we've seen come before.

Edited by MJB
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Absolutely still worth it. Traveling with mine after next week to visit my daughter, with the 35/1.4, 60/2.8 TL lenses, 16mm f1.4 Sigma and 90mm f2 Pre-APO Summicron with the M to L adapter.

After owning the M to L adapter for close to two years, starting to really appreciate the results with the 75-135mm prime M lens range, especially shooting near or at maximum aperture where they can be so tricky with the M body.

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