See, you go back to my point.
Market is the judge. In free competition market, if this lens can get enough market share, it is worth the price. customers are not fools. In this room, I know 4 guys own this lens which is only less than EFS 18-55
Free competition market: ( marketshare of canon)^2+( marketshare of nikon)^2+ (marketshare of pentax)^2+.....< 0.6
1: I think you mean steel is better than plastic. If all users drop their lens into the sea , it is true. But most users use L lens very carefully. And in humid environment, plastic lasts longer than steel
2: I believe Leica makes more money on each lens. So Leica makes better lens.
BTW, Canon and Leica are not in same market.