I do not believe that the CM has a 'true rangefinder' manual focusing system, as was previously indicated. There is a distance readout in the VF, which is a nice improvement, but it is still a guess focus system. Which is fine, but the CM is not a low-priced AF-capable motor driven M camera. Rather, it is a nice upgrade to the venerable Minilux, preserving the superb optics and adding some nice enhancements and overcoming some limitations of the aging Minilux design.
Flash shoe, faster shutter speed, better information management on camera and in VF, passive AF instead of active (though not any expansion in the focusing range) and updated styling.
As a Minilux user I am not compelled to upgrade. Well, I would add a CM if not for the cost, but not replace the Minilux. The CM flash shoe is the most important change for me, however on the downside is the passive AF - I much prefer active AF like on the Minilux, particularly for very low light shooting, where the Minilux really outshines most other P&S cameras. I guess the faster shutter is the other really big win - I find the 1/400 sec max speed of the Minilux trips me up when I have 400 film in the camera and a nice shot appears in midday sunlight...
Maybe they will come down in price, or start showing up used, in 12 to 18 months - we can always hope.
BTW: anyone heard if the Minilux is being discontinued?