Has Leica Finally Perfected the Digital Rangefinder?
I finally visited the CameraWest store in San Francisco last week. They've essentially relocated their Walnut Creek location to Union Square, on Maiden Lane.
Maiden Lane already holds a special place in my heart. I was first introduced to Frank Lloyd Wright's V.C. Morris Gift Shop on the same block while studying architecture in the mid-2000s. The building is still there, though V.C. Morris itself has long since closed. Inside, a curved ramp remains — said to be Wright's prototype for the Guggenheim in New York.
Four and a Half Years In
The Leica M11 has now been out since January 2022. At the time of this article, nearing the end of July 2026, that means it's been on the market for four and a half years. This time of year is usually when Apple fans start speculating about the next iPhone. For Leica followers, it's when the guessing begins about the next M body.
Previous Leica M cameras have all had their faults. But I'd argue the M11 is the first one to get close to perfect. Has Leica finally cracked the digital rangefinder?
Consider the track record: the M8 had a cropped sensor, not full-frame. The M9 had the infamous sensor corrosion issue — though we all loved the colors it produced anyway. The M240 fell short on ISO performance and file size, though in hindsight it might still be the best bang for the buck in the lineup. The M10 had disappointing battery life.
The M11's Own Rough Patches
The M11 wasn't immune to problems either. Early units were prone to freezing, but four and a half years and several firmware updates later, that's been resolved. A significant number of users also complained the sensor skewed overly magenta — Leica addressed this too, with firmware that lets users dial in custom white balance values.
On the plus side, the M11's triple-resolution sensor is a genuinely nice feature to have. Battery life, while not quite up to M240 levels, is a non-issue. It was also the first digital M to offer internal storage, now up to 256GB. The one real complaint I still hear — aside from the price, eye-roll — is slow startup time. Heavy users I know just leave the camera powered on to sidestep it entirely. Beyond that, what's left to criticize?
What Could the M12 Even Offer?
So what would an M12 actually bring to the table? A faster startup time would be welcome. Beyond that, I don't see much real need for higher-resolution file output. There were once rumors of a medium-format project, reportedly since cancelled — but that's a different category entirely, not a rangefinder. Leica is also said to be moving toward developing and manufacturing its own sensors, which raises the question: will they get it right on the first try?
Here's my hot take: don't expect an M12 before 2028.
A few reasons. Leica typically releases end-of-cycle variants before retiring a model, and several of those haven't materialized yet for the M11. But the bigger factor is a next-generation OVF/EVF system that blends analog and digital viewfinding — something Fujifilm currently has locked down. From what I can tell, Fuji's patent on that technology runs until 2028.
Beyond that, my guesses for the M12: a new image sensor, faster startup, higher-resolution output, and a return to a removable bottom plate.
For now, though? Leica has already perfected the digital rangefinder — with the M11-P. At least until proven otherwise.
