I just bought one new on eBay for $340 with the 22mm lens. They are also available with the 18-55 lens for $370. I picked one up, and have been playing with it for a couple of days. It's well worth the money.
For the dude saying it looks cheap/plasticky... the shell is metal. It's a very well made, sturdy compact.
Overall, I'm pretty happy with it so far. The 3 things you should be aware of with it are:
1) It is much slower to focus than a DSLR with a viewfinder. If you want to get an idea of how slow, put your DSLR in Live View and spend some time setting your focus that way. The EOS-M behaves in the same manner. This could be sped up with a firmware update, but honestly, so long as you aren't shooting sports or wildlife, you'll be fine.
2) AEB is limited to 3 shots. I do a lot of HDR, so this is kind of a let down.
3) In my very quick test of recording video, the STM lens makes quite a bit of noise and was actually louder than the audio I was trying to record. Granted, the audio was quiet, but still, the STM noise was very loud on the recording.
Overall, for a camera of this price and size, and capability, I'm very happy. I ordered the 18-55 lens (which can be found for about $180 on ebay new as well), and will be taking this as my only kit on my trip to Tokyo later this.
It's not a 5DMIII in features, but it's a capable camera that won't require you to lug a huge bag around with you either.
Well that gives me some comfort that I did not sink my money into the current version, coz on many occasions I thought of getting the EOS-M but just kept putting it off as it wasn't a priority for me ... maybe the newer version(s) might lure me into buying one
Although if it drops below 400 with the prime kits lens, I'd get it to replace the P&S...