A good 5D or 5D2 will be better. Couple it with a 50mm or 40mm and a cheap external flash and you're set.
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Fishy Snow by Jesse Herzog, on Flickr
Kensington's Backyard by Jesse Herzog, on Flickr
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anyone with high hopes that this FW update will bring a noticeable performance boost of the AF system?
I'm hoping this will be the case. I'm currently renting an M to try it out, and I can see where all the autofocus complaints are coming from. If you're comparing it to a point and shoot, it's fairly normal. If you compare it to a DSLR, it's almost comically slow.
Supposedly, it has the same built-in phase-detect pixels on the main sensor as the T4i. How quick is the live-view focusing on a T4i? Because the EOS M should theoretically be able to perform just as well.
Currently, it sure does act like a purely contrast-based system. Phase detection should be able to tell which direction it's out of focus, so it shouldn't have to hunt as much, but as much as the M is hunting around, it seems like it has no idea which way it's out of focus. Maybe a firmware update can adjust the balance phase and contract detection.
Still, if Fuji is able to get the AF performance the X100S has in the preview videos, it's a little disappointing that the M has to be so sluggish.