The Klasse W can be set to do the mechanical focusing on half press or set to do it "Contax T2"-style and perform the mechanical focusing on full press, a setting that incurs some extra shutter lag. I have my Klasse W set to focus on half-press and it works very well. You can also set the focus distance up manually quite comfortably via the menu system, an operation that sounded slightly cumbersome to me at first, but in practical use I find it just as quick and user friendly as the Contax T2's dedicated focus wheel. I also find that the viewfinder is slightly better on the Klasse, maybe a slight bit smaller than the Contax, but there is no glare from the LED's and overall it is less cluttered. The Klasse can also be set to remember flash settings, very nifty. The only real downside of the Klasse that I have identified since purchase is that you cannot turn off the AF-assist light, something that a bit of gaffers' tape easily solves.
As for the Hexar AF, I love that camera, but the form factor is why I avoided it for the purpose of a point and shoot. It is about the same size as a film M with a compact lens mounted, and for a point and shoot I want something that goes into the inside pocket of a light jacket. As mentioned, it is quite a bit lighter, but weight is for me not as much of an issue as size.
After a few weeks with the Klasse W, I am happy to say that I think I have made the right decision for a go anywhere compact. The Contax T2 which was my main point of comparison is also a great camera, but the Klasse W has so many features that the T2 lacks, most noticeably the ability to lock the aperture at f/2.8, manual ISO settings and the ability to choose between focus on half press and focus on full press. The ability to leave the film lead out is also a nice bonus, as is the mechanical remote release socket (enables easier shooting from the hip/chest). The fact that it is new from factory is also nice, and I think, together with the somewhat unique features warrants the relatively high price tag.