Absolutely, just like the Nikon F killed the Leica M3. 
I was there at the time Leica's professional music died.
My last employer’s 35mm arsenal (1965!) included several Leicas, one of them an M3. He also had a Nikon F and several lenses for both systems. The only use the M3 ended up getting was with a 21mm that we used to shoot room sets up at the BBC tv studios in Glasgow. Everything else that required the format was given over to Nikon, with most of the rest done with Mamiya, Rolleiflex TLR and Sinar. He eventually sold the M3 to an ex-assistant for old times’ sake.
In the wider world, Leica lost its laurels to Nikon when the Leicas being serviced during the Korean episode were replaced by temporary Nikons that surprised the editors back in the States (a song in there, somewhere?) by permitting better-quality reproduction in the press, presumably because of different lens design parameters. From then on, Leica slipped into the grasp of the wealthy amateur and hasn’t really had much of a professional comeback since.
I could easily have bought Leicas of either body type in my working days; I never did because the rangefinders were simply too vague regarding actual coverage of the scene in a world where getting the last ounce out of real estate was essential - cropping was for farmers. The reflex Leicas always seemed to be a few years behind everybody else, and their screens never showed 100% as the Nikon F did. They failed the first, crucial test of WYSIWYG.
Again, today as sometimes in the past, price is no definitive guide to value.
Rob C
