For focus peaking, there's magic lantern. It's free, risk free and easy to install. One of the benefits of having a Canon.
What they actually need is the new 70D AF system. How can they expect the M line to be taken seriously and then not give it the new 70D liveview AF? Isn't the reason the system was a failure because were mad about the AF?
(I've honestly barely looked into M at all so I may be saying things ridiculous and or off-base though)
I would like to see them taking some of the features from the 70D (AF system, like you mentioned) as well as some from the G16 (especially focus peaking). Couple those, and you start to have an interesting camera.
If the new EOS M has these, an (optional) EVF and remote shutter release socket, I will start looking at it more closely.
I would still look at one of the current EOS Ms, if going cheap, as a candidate for IR conversion.
I have not tried out Magic Lantern on my M but tried out focus peeking 60d. I found Sony's implementation on the Nex 6 easier to use. But I like Magic Lanterns artificial slit prism old fashioned phase detection view. I need to play with it more. It will still be useless in sunlight without a EVF of some type.
6D, 60D, Rebel XS, EF-S 15-85, EF 70-200f4L, EF 100f2.8L, Tamron 70-300VC, Tamron 28-75f2.8, Tamron 150-600, EF 40f2.8, EF 50f1.8, EF 85f1.8, EF 24mmf2.8IS EOS M 22f2, 18-55, EOS M-EF adapter, Nex6, A7II, SEL50f18, SEL1018, DN 30f2.8, adpaters and Fd and M42 lens.