Germany/Czech Railpass

A full fare ticket from Prague to Munich would be about €60. A full fare ticket from Leipzig to Prague would be about €50.

However, there are ways to get from Leipzig to Prague and Prague to Munich for much less than full fare.

And there also are cheaper ways to get around in Germany itself, especially if you can commit to specific departure dates and times and book well in advance to take advantage of discount fares. If you can do that, point-to-point tickets will be cheaper than a railpass.

What is your itinerary?

I ordered some booklets from the Dresden tourist bureau (via their website) the other day and came across this info: there is a bus (Europabus?) going from Dresden to Prague every day and also from Dresden to Munich, via, among a couple of other stops, Nuernberg; also Dresden-Berlin. I was surprised at the low fares. Several of the routes run more than once a day. Surely, if you're going to Leipzig, you will also go to Dresden? If not, they may have the same arrangement from Leipzig. The drive from Dresden would most likely be a lot more scenic, through the Elbsandsteingebirge. There may also be a route from Prague to Munich; this may be a nice alternative to taking the train. The busses go from/to the main railway stations.

per Tim, that was going to be my next suggestion. In 2000 I bought a German Rail pass (from Rick, who else?), and for the trains I rode, I made it pay (barely), but with what I know now, I could have done it for less. It's not likely that I will ever again buy a railpass.