The following is not a critical appraisal, merely a statement of personal preference.
Personally, I have zero interest in adapters—broadly stated, anything designed to let you use lenses designed for one type of camera on another type of camera.
I went through a period in the '90s when I was mildly obsessed with mixing and matching cameras and lenses. I had a marvelous medium-format lens—still one of the best lenses I've ever used—but it was a breechlock, and I had endless trouble with several samples of the camera it was made for (the Exakta 66 Mod 2 and 3). So I got the idea in my head to mate it to another camera. I tried adapters and even talked to Ken Ruth of Photography on Bald Mountain (a wizard of a camera repairman) about permanently modifying the functionality of either the camera or the lens so I could put in on a Pentax 645. There turned out to be an adaptor—not as functional, but much, much cheaper. I looked into other combinations, too—I was going to get some Zeiss Contax lenses converted to Nikon mount (an easy conversion since the mounts are similar to each other).
Then one morning I just woke up and I was done with all that. Ever since then, I've only used—only thought about using—cameras and lenses specifically designed for each other. My feeling is that adapted lenses are always going to be a kludge in some way or another. Every one I've ever tried has been. Stop-down metering, blind, or scale, or inconvenient focusing, annoying mismatches in flange distance or mysterious flaring or whatever. It's almost never a totally convenient or totally satisfactory way of working. So, personally, I have no interest in the forthcoming M Module for the GXR.
But—and, if you'll pardon the expression, it's a big but—I know that many other people have lots of fun with adapters, and with mixing and matching cameras and lenses. Just look at all the people who have had a lot of fun putting Leica and other lenses on Micro 4/3 cameras so far. I even know a few photographers who have done serious work with such pairings. And some people just love adapters. And I approve of that 100%. I have no objection to anyone having fun with their cameras however they wish to—that's something I'm completely in favor of. I would never assume that because I've decided on a course of action or a personal philosophy or whatever, others must do the same. Quite the contrary. I know some people are going to love the M Module and get a great deal of satisfaction from it. It's not for me; but it's still possible for it to be the coolest "adapter" ever invented.
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Original contents copyright 2011 by Michael C. Johnston and/or the bylined author. All Rights Reserved.
Featured Comment by latent_image: "I could happily do without the adapter craze for a different reason. Lenses I want for the cameras they were originally meant for (in my case Pentax K, M, and A series) have become much scarcer and more expensive thanks to the adapto-nuts. Worse are the cases where lenses have been permanently altered for the purposes of some half-baked kludge. I thought the whole point of digital was so that folks could buy NEW toys, thereby letting us film dinosaurs finally get bargains on gear we've lusted after for decades. Hrrmph!"