Agreed. Ms are expensive. Ms are next to useless with long lenses or macro work. Ms are finicky to load. Fs are bigger and heavier and noisier. Of course, they can do everything an M can do and more.
Personally, I've discovered the joy of the Pentax MX and ME. Both are smaller and lighter than offerings from Leica. Mechanically, the MX and ME are as smooth as the M3 I've used. I get a small Leica-like form factor with the conveniences of an SLR. And they are dirt cheap. I bought two MXs, ME, a couple SMC 50s and a 28 for a grand total $110 CAD. The SMC lenses are no slouches, either.
I simply can't justify the thousands of dollars required to get into an M system when I can get comparable results with a system costing less than a replacement lens cap for a Summicron. The money saved buys a lot of film which is more important than having a red dot on the front of my camera.