Raised...without a doubt. I think the MP3 is one of the best looking things Leica has chruned out in some time. I will admit to liking retro stuff though...like bowling shirts and pinup girls.
Flush cries out "cost savings measure." I happen to like the M3's look since it indicates more steps were taken in the production of the camera. But the recessed look is nice too, I must say.
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