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.