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With that price and a fixed lens, I don't think I'm interested.
One of the reasons to buy a Leica (in my opinion) is the elegance and quality of the design and machining. When you look at a Leica MP, M7 or M8, it does kind of take your breath away, even aside from picture quality. The X1 doesn't do that for me, but perhaps it looks better in-person.
If I want a walk-around camera, I think the GF1 looks a lot more interesting to me, even though it's a smaller sensor. With a 20mm 1.7 or with a 14-45 3.5-5.6 it's $900 U.S. With both lenses, it's about $1250. Seems like a much better deal and I would assume it's physically smaller. And that's at list price. Some time after release, it will probably go for less. But new Leicas are almost never discounted.
If I were rich enough that spending money didn't matter, I might go for an M9 (or an M7). But since it matters a lot, I don't think they'll ever be a Leica in my hands.
It will be interesting to see if/how Nikon/Canon react to both the GF1 and the X1.
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I like the styling and compact size of the X1; also, just having one focal length wouldn't bother me much as long as I get absolutely stunning results. I do hope the price drops though so I can consider getting one!