Yes, if you compare an S2 to a DSLR on DLSR terms, it's going to come out looking quite mediocre. This remains true, even though a number of the problems cited in many reviews have since been fixed (or at least ameliorated) via firmware updates. The basic specs (1.5 fps, max ISO of 1250, etc.) remain the same.Greg Beetham wrote:I had a read of a Leica S2 review just for kicks, and came away not overly impressed [ ...]
On the other hand, it looks a lot better if you compare it to other medium format systems. Consider a PhaseOne IQ 180 for example. For a mere $44,000US, you get 0.7 frames per second and a maximum ISO of 800 (though it does have a pixel-binning mode that gets you all the way up to 0.9 frames per second and ISO 3200). Lenses are currently available in something like 7 focal lengths plus one zoom (and, of course, they don't exactly give away the lenses either).
Despite all that, the last I heard PhaseOne was mostly unable to keep up with demand. Supply is tight enough that their dealers all seem to have waiting lists to get them, and there are at least rumors of people who've bought and immediately re-sold them for substantially inflated prices.
Of course, production is largely a matter of perspective too. It probably takes Canon less than a day to produce as many cameras as PhaseOne has since the company started (in fact, it wouldn't surprise me if it was closer to an hour than a day).