Hi folks. Just got my EOS M and EF-M 22mm f/2.0 for $299. I am very happy with it. I have a trick and some thoughts to share.
First, regarding the unique lugs on the EOS M:
I removed one of the lug connectors from the included neck strap, attached it to the camera, and then attached a point-n-shoot wrist strap to it. But there's a twist to how I attached the strap. I did not run the wrist strap through the same hole that the neck strap had been attached. Rather, I ran the wrist strap through the tiny hole adjacent to the lug -- the space that remains after locking the lug connector. This is an improvement in two ways: 1) the lug connector switch cannot be accidentally turned, and 2) being attached closer to the lug means less leverage is applied to the lug through the lug connector when tugging on the strap.
Second, regarding the EF-M 22mm f/2.0:
I notice that the lens cap is attached not to the lens body but to the moving element group. This troubles me, as the lens cap protrudes, and thus it is likely to be hit, resulting in a direct impact to the focusing apparatus. It seems to me that with the lens cap removed, the tiny front element is exposed, but the focusing apparatus is better protected. Also, the lens cap does not protect debris from entering the focusing mechanism, only from contacting the front element. Hence, I think I'll forgo the use of the lens cap.
Last, it's a pretty terrible idea that closing the battery door or pressing the play button even once for a brief moment causes the lens to extend. I don't expect Canon will fix these, but they could with a firmware update.