The M5 is by far the best MILC from Canon so far, but Canon are still a good 2-3 years behind Sony in the field.
What's interesting is the ergonomics of the M5 are still designed around smaller (female?) hands - not necessarily a bad thing but I find it a bit difficult to use compared with the Sony A6000 which is slightly wider.
Other things I dislike about the M5:
Only rudimentary battery power level indicator. No % indicator
Slow startup speed - it's actually slightly slower to start up than the M3, and way slower than the A6000
Does not support USB tethered shooting.
And it's a real shame that no Canon camera has the feature that the Sony cameras do that you can charge the battery inside the camera when the USB cable is connected to a power source or a computer. Very handy for charging the camera in the car etc.
So. Canon really must do better if they want to do a professional MILC. I like the M5 and I will probably use mine MORE than the A6000, but it could have been so much better.
I do not see the M5 behind the Sony's. Both have advantages and disadvantages. They are different.
You can shoot the M5 tethered-wireless. But only on iOS or other mobile devices.
Loading via USB is a nice feature which is not standard at Panasonic in most of their models, too....
And one bid advantage: lens selection. Even if there are not that many native lenses available: there are a lot of lenses available and really good ones. Still much better than with Sony. And they are compatible with my 5D4....
But I agree, there is space for improvement, and this is a lot. I hope Canon is going to do so.