I for one like the camera. I like all the mirrorless movement, but I just can't live without an optical viewfinder. But I love their size and weight. I'd prefer to have my 5D or 7D for work but also have a small DSLR for travel and walkaround that doesn't weigh too much.
I remember an interview long ago with a Canon exec, in which he was asked about mirrorless planning, and he said something like "its not a question of having a mirror or not, people want smaller cameras with DSLR IQ. We will meet that need". I like that approach, since the EOS-M sucks at both AF and viewfinder (having none).
That said, of course that its size imposes limitations. For example, I can't think of any lens other than the kit lens, that would fit the camera and be comfortable to hold, without being front heavy. If they release a couple more lenses that are lightweight but fast/nice IQ/better than kit lens, then it'll be something else...
As a sidenote, I looked closely at the lens mount on the picture... is it me or the mount (not the ring, but the locks inside of it) are plastic? They don't shine as much as in the other DSLRs. Of course it could be just a lighting thing, but the animated GIF got me wondering... maybe its just a camera meant for kit lenses?