The biggest problem with the M was the zero store presence. The naysayers could say anything they want about it but there was no way to prove them wrong or right with out a store presence. I have to question if Canon US is even taking this seriously.
At best the current M is a nice advanced point and shoot with out the physical buttons. In order to attract my interest the next M needs a EVF, more physical controls, a flip out screen like on 60d, and WI-FI. In fact it needs to be controllable with out looking up from the viewfinder. With out these items I will be sticking with my NEX regardless of canons superior 70D auto focus in a hypothetical M-2. Half of the time I use it with Fd lens and I double that Canon will add focus peeking.
It will likely be a long time before canon can compete against current mirror less cameras on a per feature basis. So unless they release the ultimate mirror-less I will be using a NEX probably for the foreseeable future. Especially because none of the competition is standing still.
That said I enjoying my nice cheep new high end point and shoot EOS M with 22mm f2.