Ouch. Hard to swallow paying more than a third of the price of the camera to carry it in!My thoughts exactly
It looks like a decent bag, and if it gets him to carry the camera more frequently than a $30 bag, it's probably worth the trade-off for the photos that he'll eventually take. I know a lot of us can easily justify when we spend $30 on a high speed memory card, $50 on a filter, $30 for a nice camera strap, etc., and I'm pretty sure I spent $100 on the Domke 803 that I use to carry my SLR.
Use the original MSRP of the M, or pretend he has a 35/1.4 mounted if that ratio makes you feel better