So I just acquired a EOS M over weekend, of course it showed up AFTER returning home from the trip that justified the purchase! Grrr. Anyway, I've been dying to get my hands on this camera for sometime now. I've been shooting for about 8 years now and always wanted an alternative to lugging around L-Glass and a Full Size DSLR Body. I was waiting to see what Canon was going to do with the next version of the M before I bought one, unfortunately my patience expired. I am still within the 30-days to return the camera, so I've turned to CR for advice. I understand everything is speculation at this point, but from those of you who own this camera, should I hang on to it? Will the update be that significant?
I am thrilled about the images it produces and how easy it is to use. It is just lacking a few things, like a viewfinder. I found myself bring the camera up to my face a few times.
Bottom line; to keep or not to keep and restart my patience clock.
Really, it comes down to how you use it, so the answer is that "it depends." Mine replaced a powershot 230, so it represented a large increase in IQ. My wife uses it primarily, and I use it for quick snapshots if the DSLR isn't handy. Really like it with the 22 f/2 (especially indoors/when the light is dim), while the wife prefers the 18-55. I got the adaptor so it can serve as a backup to the DSLR, but I've yet to use it much with EF lenses. I also got a 230EX for the wife, which barely has enough power to bounce off ceilings (skipped the smaller 90EX) but works well enough for what it is.
So what would M2 give me? It won't affect resale value much given that I got the M + 22 f/2 for 300. I don't do video much, so the main advantage of a 70D sensor is minimized. Otherwise, the IQ will be similar and the M2 will cost a lot more than the M does not when it launches. If I need better AF or high ISO performance, I'll be grabbing the DSLR anyway.
So, if you will use it similar to how we use ours, then keep it. The M2 will still have the EF-M mount, so any lenses you get now for it will still have value. The thing to keep in mind with consumer lines is that they get refreshed often. The newest and greatest will always cost the most, but wait a year and prices drop significantly when the newer model appears.