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The Summicron was made with eight elements and the Summilux steel rim with seven. Given the fact that the Summilux steel rim was made with only seven elements we can be sure that the glass of certain elements was very special. Ordinary glass was used with the later 35mm Summiluxes. These can't be compared with the steelrims in my opinion, not optically and not mechanically.
Erik.

From Leica M COMPENDIUM, by Jonathan Eastland. p.50-51.
This book said that the 35mm Summilux 7-element structure is based on an earlier optical design of Summicron (not sure it refers to which version of summicron.) From the above diagrams however, the 35mm Summilux and the 35mm Summicron v4 (aka Bokeh King) are of the same optical formula: 7-elements in 5 groups. The book further mentioned that in 1966 (from serial no. 2166702) the lens was re-computed with a marked improvement in image quality.
This is quite different from what we heard over here about the superior quality of the steel rim version.
Anyway, it is really a good thing that Leica bothers to re-issue this classic/legendary Summilux steel rim at this price point. Those already owned the original version would like to believe that this can't be the "real" thing. Those who couldn't afford the original one would hope that the re-issued one is the same as the original one but at the fraction of the current asking price (I am one of those).
I quote Leica's own words here about this re-issued Summilux for reference. It does say quite clearly about this lens' performance and formula:
"Since its launch in 1961 and after more than 35 years of almost unchanged production, the M lens has been enjoying great popularity up to the present day. The world’s fastest wide-angle lens at the time has also always been very compact and extremely light with a weight of only 200 grams. Last but not least, it convinces with its imaging performance and the unique image effect. Photographing with maximum aperture creates pictures with an especially soft, almost magical bokeh which is hard to achieve even with digital image processing. Its extraordinary pictorial look earned the Summilux-M 35 f/1.4 the title “True King of Bokeh”.
Photographing at open aperture in backlit conditions creates intended lens flares that can be used for specific creative effects. At the latest after stopping down to f/2.8, it produces very sharp and particularly distortion-free pictures which also meet modern requirements for image quality.
Its relaunched edition is made in the Leica manufacture in Wetzlar –
in the original vintage design and with the identical optical calculation of the first Summilux-M 35 f/1.4. Furthermore, the stainless steel front ring known as “Steel Rim”, the lockable focus ring and the black attachable lens hood are also modelled on the original. What is new, however, is the second, round lens hood with E46 thread which enables the use of filters and is also included in delivery. "
(Intesting/amusing parts are highlighted in
RED)