to be fair, you could adapt a 50mm f1.8 or 50mm f1.4... and still have a great compact portrait kit.
Canon just aren't going to make a budget f1.2...
Samyang have came into the market with ef-m dedicated 12 f2.0... I personally would prefer an EF or EF-s version, as at this price point I wouldn't want the lens to die with my M. And if I could also use it on my 7 or 600... win win win win win.
Yes, exactly that. You can easily use a FD 50 f/1.4 with an adaptor (which I have done btw and it works great) and still retain a certain amount of compactness. Yes it would be nice to see an EF-M 50mm prime but it's never going to be f/1.2, maybe f/1.8 if we're lucky. Why? Think about what and who this camera was intended for. We already know that the majority of rebel owners only use the kit lens so we could probably extend that to the M and say that most would use the kit lens or lenses that come with the camera. Established photographers who need that little extra shallow DOF look are more than likely already shooting with EF primes on a FF camera, in which case the M only functions as a secondary or back up body. That's how I view the M - not as a complete solution but more as an addition to an existing Canon kit.
Besides a 50mm f/1.2 made exclusively for the M would likely be too expensive for most people that the M is marketed for. How many would they sell? Not likely that many compared to say a 50mm f/2 IS STM that was priced at a few hundred bucks.