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Is it old wine in (or perhaps on) new bottles? 
I have always been a 'manufacturer's lenses only' kinda guy but with my adoption of M4/3, as my secondary camera kit, I am intrigued by how readily M4/3 users are buying up older lenses made by other manufacturers and using them on mirrorless digital bodies - with adaptors. To the extent that the second-hand prices of certain lenses are shooting up.
Without a doubt this is, in part, because M4/3 is so new are there just isn't the range of (for example) fast primes available for the more mature (D)SLR technology. But it seems to go beyond that; having looked over some M4/3 enthusiast sites there seems to be a genuine belief that using (e.g.) old manual-focus lenses can lead to brilliant results and, in fact, it will be difficult for the likes of Olympus and Panasonic to come up with dedicated M4/3 lenses which match.
Is this wishful thinking on the part of those who have parted with (often) not insubstantial amounts of cash for their elderly non-dedicated lenses, or is there something in it?
I use Nikon AI and AIS lenses on D3 series bodies and they're as good as any modern lens, but then I'm happy to focus manually. They have the added advantage of being small and light.
Several friends use Leica R lenses on M4/3 bodies.
Quote: I use Nikon AI and AIS lenses on D3 series bodies and they're as good as any modern lens, but then I'm happy to focus manually. They have the added advantage of being small and light.
Ditto. With Nikkor prime lenses that is undoubtedly true. When you can get a 50mm AIS f/1.4 for about £30, it represents and amazing quality/price ratio. (I actually got one with a perfectly serviceable FM2n attached for that price on eBay a few months ago)
I think the model probably collapses a bit with older zoom lenses which are not as good as their modern counterparts.
.
And what is that, exactly?
Quote: R lenses are also a whole lot cheaper when secondhand!
Sounds like a good reason to me! Only downside, I suppose, is they are bigger than their M counterparts?
The M lenses may be a better 'fit' for M4/3 in terms of their size in relation to the M4/3 bodies?
Some older lenses are very good indeed. I have been using C/Y mount Yashica and Carl Zeiss lenses on my DSLRs of late and found the quality very acceptable. for example the Yash 21mm (bought for £40) proved equally sharp to the Canon 16-35L on my 1Ds. I'm also enjoying the ability to use the Zeiss 18/28/50/135mm lenses across my 1Ds, 400d and Contax 159MM bodies, for different reasons. There really is something about the pictorial quality of the Zeiss glass than even Canon L glass doesn't always have. Whatever it is, though, it's not all about sharpness, I chose to keep the 18mm distagon over the sharper 21mm Yashica lens.
Quote: what is that, exactly?
Petzval portrait lens, no makers name, probably made about 1860. Very flare prone, and the stops are inside which makes it a bit tedious in use. Its very soft, but OK when stopped down, and it handles out of focus areas very well.
Like this
One reason for having a M43 camera is the possibility of using interesting old lenses whch don't work on full size SLR.
As I already had some Contax and M42 lenses for use with a DSLR, and a couple of old Leica screw mounts, it wasn't a case of having to go shopping. However I did get some low cost lenses, in hopes of getting a lighter weight and more convenient kit.
So its own lenses usually are a 28mm/2.8 Industar 69, a 55/2.8 Industar 61, 25/1.4 Pentax TV lens, and a Jupiter 11 135/4, but 135 is a bit big and heavy.
The 69 is OK stopped down but a bit weird wide open, well it was made by Lomo. The 61 is a basically OK lens that can also work on LTM. The Pentax doesn't quite cover at all apertures, but is very tiny and light.
Then there's an Angenieux wide zoom for 16mm TV, doesn't cover, but its very handy and you can get some interesting swirly effects with it.
Otherwise the M43 is a second camera, with the right adapter it can go with a DSLR or an old Leica rangefinder, and share lenses.
The thing I don't really have is a really good wide angle lens for it, I don't think there is a cheap answer to that.
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