Reduced price. It can also focus closer, 0.58cm versus the Leica's 0.7cm. It is very small and also painted black. I think my only (minor) gripe is that it doesn't come with an aperture, but I don't mind some flare, so I rarely shoot with an aperture anyway. Overall this is an excellent lens for the price. In terms of image quality, it beats the Voigtlander 35mm f1.2 and f1.4 lenses I've had.
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