the elephant in the room about the m11m beast is none other than "is iso 200,000 useable?".
my unapologetic answer is yes. your mileage will differ, widely. it really depends on your tolerance of noise. some see noise as character, some see noise as if sin entered their camera and needs an exorcism.
to me digital noise and film grain are the same - both are imperfections of the media (film and sensor). i love some film grain, and the m11m has digital noise that looks like film grain, and i can live with that. actually, its more than living with that, i love it.
the following are 2 images shot with iso 200,000 in really dark conditions. both have sufficient shadow and highlight retention for me to be able to use it as an image i would keep and/or print.
while i would use iso 200,000. if i would to buy this camera, or leica or someone graciously gifts me one, i think i will max at iso 100,000 for everyday use. set the machine on auto iso with a max of 100k and never fuss with settings ever again.