Just got my M. I have a old Rollie P &S film camera. The pouch is a perfect fit for the M with 22mm lens. I wear the pouch on my belt. I use the P&S fabric hand strap from my old S870. A slip knot was tied to the lug of the camera. I have also used tread to make sure that the knot WILL NOT come loose. Since the strap is compact, I can tug it inside the pouch. That makes it a very neat package. The real purpose of the strap is for security during shooting, not for carrying the camera by itself.
I also use an old Lowepro Mini shoulder bag to carry the M with 22mm in the pouch, the 18-55mm lens, the90EX and a few odds and ends