I think it looks ok. Paul Smith design usually does have that quirky, colorful side to it. Either you like it or you don't.
I actully think a camera such as the X2 is perfect for this kind of thing. Camera-wise it's nothing special so at least it should be able to function as a fashion accessory for affluent customers who want a nice point and shoot.
I agree with this but we were supposed to be expecting something a little more appealing from a name like Leica, not a not too appealing point and shoot. Leica, let's see a new M7!!