Overall, I am impressed with what Leica has done here. Their use of the CMOSIS chip was a risk but the risk seems to have paid off.
The images shown by Michael are impressive. In the past, the price point Lecia was enough to keep me away from the S2, however at the entry point of 16K for the body, it's definitely a good alternative. The glass has a legendary reputation and is not anymore expensive that what Phase One now asks for the newer Schneider glass (35mm SK and 40-80 SK). It's CMOS, (which I prefer) and has the 3:2 or 2:3 (I have seen it shown both ways) layout of 35mm camera, which I also find I am drawn to as that is what I learned on for 30 or so years.
I also agree with Michael that Pentax has the best implementation of the Sony 50Mp CMOS, at least over Phase One. Pentax has much more high ISO reach and even at base iso seem to have a slightly cleaner file, (in the shadows).
Alternatives just keep getting better.
Paul