That's what much of this M8 debate seems to me. The expectations for what this camera would produce were, (in some cases) way too high. So much so as to be fantasy.
It's a digital capture device with a 10MP Kodak sensor in it. The main reason for it's being is to keep Leica in the game. The advantages would seem to be that one can use the superior Leica glass on a digital capture and the resultant benefits that brings vs. other glass; and the M form factor that we are so familiar and comfortable with.
Other than that, why would anyone think that Leica somehow magically could create a camera that would produce images far superior to other high end digital cameras with similar specs? Why? Based on what?
As to justifying the cost. How do you justify the cost of an MP or M7? There are great film cameras out there for much less. The Leica M costs what it costs, i.e. it is, what it is because of the manufacture process, the labor costs, the Leica brand etc. etc. . But, one cannot justify the cost against other digital cameras anymore than we can against other film cameras.
Although it is way too early to say, from what I've seen the Leica produces images about on par with other similar digital cameras. One glaring exception is the available lenses. Correct me if I am wrong, but nobody makes lenses for 35mm that perform like Leica lenses? They are expensive, but they are extremely good.
If there is a widespread banding problem, it will likely be fixed in the firmware similar to the Nikon D200.
So, it may be that we let our expectations get away from us with the anticipation of the M8?
Much of the grousing being thrown about is not well thought out and is not grounded in the reality of the technology that is available and can be put to use in the camera, by Leica or anyone else.