Personally I think the G1X II is awesome (the name is pretty rough though). According to the DPreview preview, this camera has the most luminous lens/sensor setup of any large sensor compact (.7 EV better than the Sony RX100 II).
24-120 f/2-4 with IS is really in the ballpark of what I had hoped for on this camera, & ~12MP is a good sweet spot too.
The price will come down over time (you'll just have to buy a viewfinder on ebay or something if you want it cheaper). If you have one of these I don't really see a justification for carrying around a non-FF DSLR unless you need super-long or super-wide lenses, or a really fast portrait/low-light lens. The price would have been lower if they hadn't bothered with EOS M.
IMHO the execution of the EOS M system was pretty poor; theyd've been better served by further promoting the 100D/SL1 and coming out with a couple of compact EF zooms for it (the compact primes are finally coming along nicely & hopefully we'll see 50 or 85mm primes with IS soon).
+1. Everything you said.