traveler_101
American abroad
Pocket portability is their only advantage. If you don't need that, you might want to go for the same lens design in a rigid mount. Most Leica (and Contax) collapsibles will appear to lock in any wrong position and do not alert you to being unlocked. Until the proper lens alignment has grown into your subconscious, you'll lose a fair amount of shots to a misaligned lens.
Come on . . . yeah when you first use the lens, I agree. It happened to me . . . once and never again. You learn quickly to be cognisant of it.
I would say that portability is not measured exclusively by "pocketability". I fit my IIIf/3.5-Elmar combo into a small space in my briefcase - not only because the dimensions are small, but because the whole package is really thin. If I had a lens protruding from the camera I would not be able to take it around with me on a daily basis.
And there is one other thing: it has become traditional. The lens speaks to old practice given new life.