Nobody would look at the Leica D-Lux 5 Titanium and imagine it offered excellent value for money. But then, those it's being marketed to are unlikely to be particularly aggrieved that it doesn't.
The value option is to go for the excellent Panasonic Lumix DMC-LX5 instead, which is the same camera but without the Leica badge, and was retailing from £300 at the time of writing (through some of the retailers listed in the side bar of the Panasonic Lumix DMC-LX5 review).
But while it's not great value, that doesn't stop the Leica D-Lux 5 Titanium from being a very capable compact camera - if you're basically happy to point and shoot for the most part.
Although it doesn't offer Full HD video, the Leica D-Lux 5 Titanium's on-board digital filters and colour options can be accessed when shooting video, via a dedicated video option on the shooting dial mode in conjunction with the dedicated record button.
So while it may not be an option for anyone looking for a best buy, if you can live without Full HD and the latest gimmicks such as integral GPS or 3D mode, then the Leica D-Lux 5 Titanium may be the only premium point and shoot pocket camera you'll ever need.
Unlike most lens-swappable compact system cameras (CSCs), the Leica D-Lux 5 Titanium is a truly pocket camera that offers plenty of control over images if you want it, or not if you don't. It has substantial build quality that befits the Leica branding (albeit borrowed heavily from a Panasonic).
The nigh identical yet non-titanium Panasonic version of this camera, the Panasonic Lumix LX5, is miles cheaper. Also the Leica D-Lux 5 Titanium misses a proper hand grip, which makes it a bit slippery in the palm. Image quality is good but not quite as stunning as other cameras at this price point.
Yes, brand loyalty aside, the Leica D-Lux 5 Titanium is incredibly expensive for what could be classed as a glorified snapshot camera. And for all its metal-bodied luxury it really is that at its core - it fits in your pocket and the lens on the front cannot be changed. But at least it is a well above average one.