I just bought one new on eBay for $340 with the 22mm lens. They are also available with the 18-55 lens for $370. I picked one up, and have been playing with it for a couple of days. It's well worth the money.
For the dude saying it looks cheap/plasticky... the shell is metal. It's a very well made, sturdy compact.
Overall, I'm pretty happy with it so far. The 3 things you should be aware of with it are:
1) It is much slower to focus than a DSLR with a viewfinder. If you want to get an idea of how slow, put your DSLR in Live View and spend some time setting your focus that way. The EOS-M behaves in the same manner. This could be sped up with a firmware update, but honestly, so long as you aren't shooting sports or wildlife, you'll be fine.
2) AEB is limited to 3 shots. I do a lot of HDR, so this is kind of a let down.
3) In my very quick test of recording video, the STM lens makes quite a bit of noise and was actually louder than the audio I was trying to record. Granted, the audio was quiet, but still, the STM noise was very loud on the recording.
Overall, for a camera of this price and size, and capability, I'm very happy. I ordered the 18-55 lens (which can be found for about $180 on ebay new as well), and will be taking this as my only kit on my trip to Tokyo later this.
It's not a 5DMIII in features, but it's a capable camera that won't require you to lug a huge bag around with you either.
Although if it drops below 400 with the prime kits lens, I'd get it to replace the P&S...
That is why I went with MFT for my compact kit. The M just doesn't cut it in so many ways....but at least NOW (because they are not selling)...the price reflects the value.