My M didn't replace my 5D2 either. I really like my M because it's smaller, still have to put it in a bag, so it's slightly less convenient than my point and shoot, but I like the M since it's higher quality and better than my point and shoot in general, it's made me more confident to bring my camera with me and take pictures in situations like when using a point-and-shoot would be wasting the scene and it was too inconvenient to bring my 5D2.
I love my M
and I hope that Canon will continue developing it
And the point and shoot it replaced was a Nikon S9300. My family always has a tendency to buy point and shoots in Nikon and DSLRs (and M) in Canon and now we have a perfect Canon set whenever we go on trips.