Keith, of course many people are, and have been, in this position. Back in February I had decided to buy a new M-E (for color), when a dealer in Paris (where I was at the time) offered me a new M9-P that was still available at the Leica promotional price that had expired on them previous December 31. That means I got the new M9-P for a couple of hundred euros more than the price of an M-E.
At that time I had an M-Monochrom for B&W and was shooting color with the Ricoh GXR M-Module. While the GXR M-Module is a very good camera, I found that I [1] really wanted to use my Leica lenses with a full-frame camera to get the full characteristic of each lens, [2] disliked using the focus peaking system although it worked well, and [3] found that I could only get near the type of color rendition that I wanted by using Raw Photo Process (RPP), but that required long, extensive and careful processing of almost every shot.
What pushed me over the fence to decide on the M-E (and to buy the M9-P) was a statement by Charles Peterson, a Seattle photographer who had showed me his personal color work that I found to be outstanding: he wrote that the he felt that the color rendition of the M9 was more like that of color slide film while that of CMOS-sensor cameras was more like that of color negative film — and that is also what I saw in his personal color work. Since then he also wrote the following, which I think is spot-on:
I do think that the higher iso's on the M9 are vastly underrated, and in general much prefer the image quality of the M9 to the M240. The M9 (and Monochrom by de facto) imo are truly two of the most unique digital cameras out there when it comes to the quality of the image. Not the "best" on paper but they have a look, an "umami" as the Japanese might say, that no other 35mm digital camera, comes close to.
At that point I had seen some of the color owing out of the M240, which I found troubling, and decided that I would get the M-E while they were still available. Currently, I don't know what's happing to used M9 prices although they have been low. Once I started shooting color with the M9-P, I never looked back...
—Mitch/Bangkok
Tristes Tropiques [Direct download link for 46 MB PDF file]