The pictures look as good, costs a fraction of the price and you can stick it in your pocket. Better in a camera way. Not better in a Koh-I-Noor, unobtanium, Woody's Round Up way.
Ah, as I said, you are perfectly entitled to your subjective opinion.
Now for a few facts :
I love Contax Glasses more than the Leica glass - but thats my subjective judgement, nothing more. However, a G2 body is 350 quids compared to M3s which regularly go for 250 ish, so thats one myth of cheap camera gone bust.
G2 is a difficult to focus in low light/fast moving conditions, where Leica scores.
G2 manual focus is crap
G2 is all electronics; once dead, there is no hope of revival.
G2 is bigger than a M3 with a collapsible lens.
G2 is AF with very accurate metering, great for beginners.
Both are fine machines with pros and cons - both expensive, and both fit the pocket equally.
Ujjwal
P.S : Since I own nearly 200 watches, I dont usually get swayed by the marketing hype on watches - notwithstanding your outstanding skills in that area

. Rolex are fine watches , wear it and you will know the difference