That's the Leica Mini-Zoom. I used it for years. It was fine as a point and shoot, with a useful zoom range, and very easy to operate. The flash is a built-in, but you have decent control, with red-eye reduction and the ability to turn it off and on manually.
The lens isn't as sharp as a Leica rangefinder lens, to put it mildly, but it's absolutely fine for a p&s. Comparable to an Olympus Stylus Epic -- maybe not quite so sharp, but as a zoom more useful. It's always possible that I had an extremely good copy, but I was happy with the quality (and still am as I look back at the photos.)
The meter worked fine for me, but I used C-41 negative film exclusively. I think it would certainly be worth trying a roll of slide film. It does have a way to compensate for exposure, as I remember, so you could use that in strong backlight that might fool the meter.
The only real bad point that I can think of is that you don't get precise framing, which I suppose is due to parallax error. If I remember correctly, the framing is fine in most ranges but problematic for close focus and at one end of the zoom. If that is an issue, you could figure it out with one test roll and a close look at the manual. I just lived with it because I was using it for travel and family snapshots, and none of that was critical. You have no control of aperture or shutter speed, of course, because it's a true point and shoot.
Seriously, it's fine for a point and shoot. I'd definitely give it a shot.
-Laura