For an extra $600 over the CV lens, I got the ZM 21/4.5, finder, and hood used. Seemed like a good deal to me. I just developed the first roll from it last night - haven't scanned yet.
My take on the differences:
- the 1/3 of a stop difference is meaningless, especially with the vignetting these lenses have.
- the optical formulas look pretty similar
- the ZM has a 46mm filter, the CV has a 39mm. I can only imagine that the CV vignettes more with a filter attached because of this given the focal length and the similarity in formulas, but I have no evidence of this. I have other lenses with 46mm filters so this was a plus for me.
- Zeiss touts the lack of distortion on the ZM. Again, I'm guessing it's better than the CV, since it's better than most lenses out there. On the other hand, even though the CV has no published spec on distortion, it's probably better than a lot of lenses too in this case. Unless you want ZERO distortion, the CV is probably fine in this dept., and might even be better than any other lens you have.
- We can guess that the ZM has better and more effective coatings.
- I'm guessing the ZM is a bit better in the corners. This is a guess though based solely on cost. The CV looks to be very sharp, and could very well be as sharp as the Zeiss. End result is that this point might be meaningless.
- The ZM protrudes into the finders (internal on an M and external). With the square hood attached, the top of the hood lies directly on the bottom bright line of the external finder, which is actually nice for framing purposes. I think the CV is a hair smaller, but practically the same.
- the CV lenses I've owned have all been very good and well made, but I've never done any formal testing.
- the ZM certainly has the cachet with the name and all. There is something kind of cool knowing that this is as close as you'll get to having an SWC lens on your RF. On the other hand, practically, this is meaningless.
I say if you love 21mm, really want a Zeiss lens, want zero distortion, and have the money to burn, get the ZM. Otherwise the CV looks to be a great buy. And probably the smart buy every time.