Lens hoods sold separately (not built in); velour pouches instead of echt leder zip cases; this is going to bring the cost down as well. the more I think about it, the more convinced I am that these lenses are essentially designed as bait for ZI and Voigtlander owners, who wonder what a 'real' Leica lens might be like. Then, once they've bought a Leica lens, maybe they'll buy a Leica too...