Rumor Mill: EOS M4 coming 2016, Pro EOS M Offering Coming slightly after also in 2016 at around same time as 80D, will have Pro AF feature set, expanded video codec options. More EF-M native lenses coming; updated EF/EF-S to EF-M Adapter coming. Digit 7 Processor coming in new 1DX II and 5D IV. 4K coming to non Cinema offerings, rumored in 1DX II, possibly more future offerings as well.
Historical: Canon has released a new EOS M offerings annually, IE 1 yr lifecycle (short for Canon; atypical is 2 yr lifecycle for consumer, 4yr for professional), usually around the December-March timeframe for EOS M. Canon also passes down older Pro features to newer Consumer models after 1-2 generations, this is either due to cost reduction in production, or marketing/product segmentation. Also, shortly after a new DIGIC processor (which supposedly is why video and continuous drive are lacking, but I question that) is released in any product, it is subsequently released in all new products, but not rebranded old products though, usually (M10 is an exception, it was a rebranded modified EOS M2, but, it did get a DIGIC 6 vs the DIGIC 5 of the M2).
Existing Patents: 9-18mm EF-M Wide Angle Zoom Lens, 70-400 EF-M Telephoto Lens. Updated EF/EF-S to EF-M adapter with improved AF performance.
Canon Interview/s Statements: Canon stated it would become serious about mirrorless before (about 6 months prior to) releasing the M3, and about a month ago indicated that they would release a mirrorless offering that the interviewer would really like and would become more serious about the EOS M platform, more lenses for it too. Also would be bringing Dual Pixel tech to consumer offerings soon.
Existing Technologies that could be ported/hand me downed (in atypical Canon fashion of passing down older Pro features to newer Consumer products): Dual Pixel AF used in the 70D and 7D II, could be used in M4/Pro, integrated EVF with pop-up flash and hot shoe in the G5X that could be used in the EOS M4/Pro.
Interpretations and thoughts: EOS M4 is coming in Feb/March 2016 at WPPI, probably released a week before WPPI with ship date of April 2016; consumer offering, not Pro. Could have either 20MP DPAF APS-C sensor of 70D/7D II, and or integrated EVF, possibly DIGIC 7 so video AF will be improved, but DPAF is about as fast as Hybrid CMOS III, but, better in video and low light. Expanded video codec, say 1080P @ 60FPS and 25-50mbit/sec. Canon will eventually convert Dual Pixel tech to new 24MP APS-C sensor, and, also integrate newer AF algorithms and additional Contrast Detection pixels and Phase Detection Pixels resulting in Dual Pixel+ performance, probably akin to A6000 or even A6000+ performance (probably the latter which is good as A6000 tech struggles in low light). Canon will probably offer a Pro EOS M that has greater continuous shooting options, think 70D, say 7FPS+ continuous shooting, possibly 4K, or 50/100mbit 1080P @ 60FPS; newer unannounced techs, maybe greater than 24MP APS-C with DPAF II/III? 4K? Could be released alongside EOS M4, but also possibly in August 2016 timeframe.
Long of the short, if you’re thinking A6000, it’s not a bad camera by any means, I’ve strongly considered myself, but to your point, the lens offerings are less than stellar, as is Sony’s color rendition, both of which held me up as the EF-M 22mm is awesome, as is Canon’s color rendition and Canon’s 18-55 EF-M is superior to Sony’s A6000 equivalent. 11-22 EF-M is cheap and excellent and 55-200 is lightweight and small footprint, cheap, but superior to EF-S equivalent. I ended up jumping at the M3, but am awaiting the M4, and Pro offering thereafter personally as I can’t enjoy/use a camera that isn’t out yet and have thoroughly enjoyed the M3 in the meantime, but yes, it’s not perfect.
Will Canon release something as good, or better than the A6000? Yes, next year, in my opinion. Sony will of course release a A7000 probably around the same timeframe, but, the Canon will likely match or usurp it. AF performance get better? Absolutely. Combined DPAF and Hybrid CMOS III techs would result in something awesome, that’s without Canon doing something new which is anyone’s guess as the patents for that isn’t clear.