Who is this camera geared towards? Point and shooters that want to feel like they have a small dsrl?
If the pricing is acceptable, it autofocuses with EF lenses and it has an EVF, I bet most buyers will be current Canon DSLR users who want something smaller and unobtrusive (but high IQ) when going to parties, the beach, pubs, mountain biking etc etc. It will be the people on this forum that snap them up.
And I think Canon got it right by releasing the budget model first. Right now, few people are going to drop $2500 for a mirrorless FF when they've just bought (or are saving up towards) a feature packed 5Diii. But if there's an APS-C one for around $400-$600, most of us will consider it very tempting. Very, very tempting.
I currently use a Olympus PEN when my Mamiya medium format or 1Ds aren't really appropriate. (And I know many other use Sony's for the same reason). I love my little Olympus, but I'd drop it in a flash if the new Canon satisfies my criteria (reasonable price, EF compatibility and EVF).