Both of you need to read my post again. For sake of time and sanity I am not going to explain to you that 4fps does not compensate for long lag time between the shots and enable capture something at the very exact moment you want.
I likely won't ever be reaching for my iPhone (5 as well) when this camera is with me.
I also have an iPhone 5 and it certainly does not compare as a camera to the EOS-M.
I did not/am not saying that iPhone is better than M (or compare them; it will be foolish to say/do so). Also note that I am happy with my purchase as well as image quality of M. I also said that for still objects or landscapes it works very well and none of what I say about speed is applicable. My comments are applicable to situations like:
1) Your kid doing something cute which you want to capture almost instantly.
2) Some event/occurance you saw while driving or stopped at light (as a passenger of course) that you want to record instantly.
Also, I am not saying that you will get no photo. Just that your abilities will be limited and you might miss that moment all together. And I am not saying anything new. It is universally accepted that this camera is kind of slow.
Don't get fixated on pixel density and fps and all and swear that you would never touch iPhone. There will be time when it will be faster (note faster is not equal to better) for you to whip iPhone to take a shot while accessing M, switching on and fumbling with its quirks will actually miss the moment. Remember, how apple bypasses even lock so that you can shoot almost instantly (even my 1 yr old figured out how to do it, which is a huge problem as I am tired of deleting random photos from my phone :-). For those moments and and others when you have nothing else, iPhone is not bad camera. Provided you are talking about photography as an art or tool to capture beautiful moments and not a scientific project of resolution and sharpness. Don't dismiss any tool, however small or insignificant it may look to you....