To me its not about the price, its about the hardware.... no matter the price, you've got an EOS-M when all is said and done.
Lets see what gen-2 brings - thats my slant on this on in particular.
I didn't feel bad getting a 5DII at great savings when the 5DIII came out - as even with the lack of awesome focus, its still a very very capable camera. Just that... Mirrorless is ok, but I'd like to have EVF in the mix. So, maybe next model.....