Well, looking at them on my computer screen, they measure about 4.25" x 6.5" (at 72dpi of course), so it's hard for me personally to see the difference you might be talking about. But, here is what I'm personally seeing: The exposure in the first shot is brighter than the exposure in the second shot, and the highlight on the gentleman's forehead in the first shot looks a bit blown. In the second shot, it's obviously darker but you're retaining good shadow detail and highlight detail too as a result of the darker exposure. Not sure if the highlight detail retention is strictly a result of the exposure or of the inherent qualities of the M10's CMOS sensor as well. So based upon these two shots as presented, that's what I'm seeing. If I had to choose which shot I prefer based solely on what I see here, I'd choose the second one (that may be also due to the gentleman's expression, pose, and of course the mood created by the the darker exposure). I can't quite tell, but the first shot might be a tad sharper. Were these shot at the same ISO and general camera/lens settings?
Personal Observations and Perspective: As you may know, I've had the M9, the CCD Monochrom and the 246 (CMOS) Monochrom, and was an early adopter of the 246. At base ISO the 246 is definitely cleaner than the CCD Monochrom, but it also renders better (IMO) in the shadows and highlights (I haven't shot with the M10). As a result, it gives me a better 'base' from which to start as I make adjustments. I've exhibited both CCD and CMOS images side-by-side in gallery situations -- 11"x16" prints, so not a huge size, but still a size that you can go and stick your nose against if you're so inclined -- and honestly I'm hard-pressed to say which were CCD and which were CMOS. I still have seasoned photographers to this day ask me if they are all 'darkroom' silver prints. Even looking at them on my Flickr I can't always remember which is which (unless I look at the date in which I took the shots, then I can kinda figure it out). Have a look through my 'Mapping the West' Flickr link below and see if you can pick out the CCD vs the CMOS (there's even an M9 or two in there), because honestly I can't. Don't get me wrong - I loved the CCD Monochrom and the results it produced for me, but I think the thing that did it for me was the infernal buffer that would stop me in my tracks after 8 continuous exposures, the screen size (minor quibble), higher ISO image quality and of course the possibility of sensor corrosion (and perhaps - just perhaps - my infrequent yet admitted quest to have the latest and supposedly greatest). I like the 246's bigger screen, the menu arrangement, the little built-in thumb rest, the illuminated brightlines in the viewfinder (red or white!), its higher ISO performance and of course the images it enables me to produce. I've never really seen any discernible 'magic' in the CCD-produced images versus the images from the 246, but maybe I'm just not sensitive to those nuances that evidently others see. Here again, I'm talking about prints. I prefer the 246 for my personal working methods, yet I don't expect everyone to go along with my personal assessment. I don't use the video on the camera too much, but when I have the results (both sounds and image) have been pretty good! I've made some 11"x16" black and white prints from my M-D as well, and they compare pretty favorably. I do wonder, however, if I'll be singing the praises of the M10 Monochrom when it comes out and will be dropping the 246 like a hot potato. Hmmm...time will tell!
Dan, what is it that you're seeing in the first shot that is markedly different than what's in the second shot? Clearly you are seeing something there, I'm curious to know a bit more about what it is.