Since the world went digital viewfinders are the exception rather then the rule.
Fuji with the little X10 produced the first small compact with optical view finder and have upgraded it this year with the X20.
Now we have a new small compact to add to this list of one. The Panasonic model is called the Lumix DMC LF1.
While the Leica model is called the Leica C Type 112. Its a jointly produced model with the electronics being Panasonic and the lens being Leica. The only other difference is the firmware, with Panasonc and Leica using their own firmware giving them each a different colour signature.
Most people would go for the Panasonic model at £200 cheaper it makes sense if you live in the EU. The EU enforces a two year guarantee for electronic goods, so apart from the Leica look from the files due to the Leica firmware the only extra you get is a free license of Adobe Lightroom.
If you live outside the EU then the Leica makes more sense as you get a two year guarantee with Leica products and depending on which non EU country you buy it in you may only get a six or twelve month guarantee with the Panasonic.
So its your choice, is the Leica Badge, the Leica Firmware and Colour signature, a license of Adobe Lightroom V5 and the two year guarantee worth £200 to you?