I had been waiting for the price on these to drop back down to $399... and funny enough the night before the drop I had one in my cart on BH for like $439 or something, and looked the next morning and saw it change to the $299, so ordered one right away.
Funny enough, I downloaded the new firmware (2.02) and then saw that it was already installed on the EOS M!
The one thing I always have a hard time wrapping my head around is size, so I took this photo showing how small it is compared to a Canon 5D Mk III with 24-70 2.8 II lens (left), Sony HX50V (top right) and Sony RX 100 (top middle):
Here it is compared with the Sony HX50V:
I've just played with it a little (arrived today) and I'm really impressed with it. I already have two 5D Mk IIIs and a 6D and a lot of lenses, but I know it will be useful to me due to its small form factor. I hope they come out with an EF-M prime lens (maybe 85mm equiv) that has longer reach and is still pancake profile - that will make it more useful to me.
Bargain of the year at $299 with lens.