First, let me say I like Stephen and his site ... but it is unfortunate that cameraquest (an otherwise very helpful site) gives a less than flattering single sentence blurb about the Elmar-M only being for 'collectors' (without citing any reasons or other details as far as I can find).
I'm not sure where that highly underserved rap comes from. A lot of people who haven't actually used the lens seem to hold the same opinion (based largely I assume on just looking at lens speed rather than actual results).
Actual results are that it is as sharp as the summicron at equal apertures, and the OOF signature has a classic yet crisp look to it ... the best way I can describe it is that the photos have summicron sharpness but a very smooth OOF rendition that reminds me of the 2.8 Planar and 3.5 Xenar of the Rolleiflexes. Probably one of the few modern lenses that incorporates the virtues of modernity with the characteristics of the classical. Does that make any sense, perhaps someone else can describe it better.
By contrast, KB Camera 's review site gives a glowing review of the Elmar-M. So there is some appreciation out there, particularly from users.
Like I said, I like Stephen's site quite a bit, and have usually found his reviews to be very good, but on the Elmar-M, he, his source or his information is (with all due respect) ... wrong :angel: