rscheffler
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Rich, IMO, the answer for why a true R solution didn't arrive as a subset to the S system is pretty clear: lack of money. Michael Reichmann did a video interview with Stefan Daniel in 2009, in which Daniel stated limited resources as the reason behind the decision to retain the M8's components for the M9 and continue outsourcing to Jenoptik, rather than revamp the entire camera from scratch in-house as they did with the S2. The impression is pretty clear that there is no way they could have taken on a third major interchangeable lens project (though they did manage to also develop the X1...).
My opinion is also that a more traditional R-centric digital solution would have had Leica competing in the normal DSLR market. There is no way, other than loyal R users such as yourself, Leica could effectively attract users in this arena, especially when many non-traditional R lens owners were Leitaxing those lenses for use on Canikon cameras alongside their existing Canikon lens inventory. For Leica to survive, they unfortunately had to cut the 'mainstream' R and focus on the M and S niche, the latter of which was considered to be a significant gamble.
As an aside, I was also affected by Canon's FD to EF transition, but elected to stay with Canon because I felt their AF solution with in-lens focus and USM motors was superior to the offerings from Minolta and Nikon. Leica was never on my radar at that time, primarily because of cost, and back then, being quite young, sticking with the technological cutting edge seemed to be an important aspect of my considerations. This last point is something I think works against Leica in the eyes of many new or young photographers making decisions based on spec sheets. But then, you can never be everything to everyone.
I still believe Leica cannot afford to compete in the mainstream. They need to develop unique products that will attract a small percentage of mainstream users to the M or S systems. It's also essential to how they have cultivated their brand identity, as much as many here dislike it. The M9 succeeded in part because it was the first and only small FF solution. It satisfied enough existing M system users, but also attracted some from the outside, like me. The M240 will continue this trend because it's the first and so far only small FF solution to offer a viable way to adapt many different system lenses to it, likely with minimal image quality compromises. But this also means the traditional Leica user group will become less of a majority. Perhaps an analog to this is the effect immigration has in many countries on native populations? Leica is fortunate the M system is well positioned in the premium market to take advantage of the steady transition away from DSLR systems, where thus far most of the MILC solutions have been aimed at the general consumer.
For the M240 itself and my needs, I think it will work. It addresses the major shortcomings of the M9. The live view implementation will be usable, especially for quick focus checks while handheld, which is primarily how I use the M9 (consider I have survived with the GXR's less than ideal EVF solution). My disappointment is primarily as someone who is also a gear enthusiast on top of trying to be a good photographer. Leica, in my eyes, stops one step short of the M240's full potential by apparently recycling the S2's 2008 era processor. There will certainly be an answer for this from Leica, that is logical to them. But from the outside, it appears to me as a decision detrimental to their considerable efforts at developing a completely refreshed, modern, camera. Will this make the M240 unusable? No. It makes it less ideal in the same way, for me, the choices Leica made for the M9 make it less ideal than its potential, though still usable and technically capable of producing high quality images. IMO, the greater concern is/was whether the CMOSIS sensor will deliver the goods. So far it appears to, assuming the banding issues can be satisfactorily resolved.
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I actually think I'm going to sell it for something more "family oriented." 
