I picked one up my self after seeing this deal on CR... the intention was for my wife to use it, as her P&S Elph really produces sub par photos (as far as I am concerned). I have to say playing around with it for a couple days I have been really impressed. Sure, it is not a 5D Mark III but it is 1/10 of the price. The image quality is on par with my 60D, and yes the focus is a bit slower, but again, for $300 I don't think you can get better image quality; especially not in this size.
I had been keeping my 60D as backup to the 5Diii for places I didn't want to haul all my gear and have a slightly lighter kit; in all honesty at $299 I am considering selling the 60D and picking up my own EOS-M. For family trips to the amusement park, etc, I think this little guy seems more than adequate!