Hi Eleskin
Yes it's a decent performer; I had one myself, but I don't believe it comes close to the Noctilux. In a nutshell I had the same thoughts as you and after owning the Canon 50mm f1.2 I then decided that the Canon 0.95 would be the cheapest alternative to the Noctilux.
However, I refused to pay the stupid prices that those 0.95's were reaching and so I saved up and searched out a mint Noctilux which I got for a very reasonable price. I will never part with this lens because it is just in a class of its own. Of course not everyone likes the f1 and understandably personal taste is involved in the process, but if your real desire is the Nocti then I would advise you to save and save until you can get one (maybe the credit crunch might help)
The Canon 1.2 produced its own look and feel which I have to say was quite pleasing. As far as I recall it had a low contrast signature but in post production you could make the files look really classy. Have you looked at Reids free reviews on fast glass on the Leica? a good place to start.
