Haha... I think this thread is a bit of the everyday reality on what, in fact, is a Leica user's forum: leaving aside the classifieds and the actual lens, the fact remains, that Leica lenses hold no performance/cost ratio to a person who is not a Leicaholic.
Therefore, I believe that Olsen's observation has been driven by his own personal disillusionment with the Leica myth. Personally, I am grateful to Leica for the persistence with which they have stuck to RF cameras, and for the meticulous care in shaping their products. In a way Leica M story resembles closely that of the Porsche 911 - instead of getting revolutionary updates, this car has had evolutionary development in small increments, and although other brands have been faster to innovate, lots of people have always appreciated its reliability and mechanical quality/durability.
In case of Noctilux though, I believe, it is better to let people decide what it is worth for them, because this is a lens that has no exact equivalent on the market - from what I know, the Canon 0.95 is not optically a serious competition. (although Erik has made some very nice shots with it).
Certainly, this does not change the fact, that Leica prices are ridiculously inflated, and the Leica gear following is ridiculously indoctrinated, and this is where I am on Olsen's part.