Jamey
I think sometimes the photographic community has forgotten that film exp. isn't rocket science, particularly with neg materials.
The reason the M3 is my favourate camera is that it is bare bones stuff. But you've got all you need in one little package. The old KISS phylosophy. When I traded my Canon's for the M3 I was forced to be more observant. I soon learned, against all my instincts, that you don't have to meter for every exposure made. I was surprised that the number of good exposures was similar to those made with the AE SLRs. I could also work faster and concentrate on the subject. The TTL metering is just another tool with which to draw on, when needed. Its made me a better photographer, but that's for others to judge.
I started lugging an anlologue thirty deg. (Gossen ProfiSix) around with me, even without a camera. When a cloud came over, for ex&le, I just watched the fluctuations of the needle. All I can say is the technique has worked well for me and once you have got a feel for it, its a bit like riding a bike. However, you ride the biker better if you do it regularly.
I should add that this approach is not set in stone by me, it is just one handy technique that the Leica's allow, and has broadened my working abilities. Its a bit like the old boy scout thing "be prepared". I've learned not to panic when the battery goes dead, there are other options. The storey of Ansel Adams and his "Moon Rise over Hernadez" shoot, a little bit of knowldege and good powers of observation.
sorry for this extended ramble, I'm just passionate about photography.
good luck craig
PS If asked directly I'd say go for the MP, but then again I'm buying the M7.