The M's not dead but... until they improve it to be competitive with the likes of Sony, Fuji, and Olympus, there's little point to having one, IMO... I'd rather use a G1x2 and not have to carry lenses. Now if they don't overprice the G1x2... it'll be a very interesting option.
The G1x2 development story was an interesting read.
I'm looking forward to seeing how it will really perform.
Looks like they've tucked in a sensor that's very close to micro-four-thirds size in order to meet the ambitious lens specs.
Not that there's anything wrong with that!
I actually think they've done a good evaluation of what a high end fixed-lens almost-compact camera should be and built it accordingly.
When the original G1x came out I was really temped to buy one, as carrying it, and also the smaller G11/12, would cover almost every still type shot I would encounter while on the road. Sadly, I found the IQ a bit too lacking in the G1x so decided to skip it. This v2, however, I will be looking at more closely. I've always had a fondness for nice compact cameras. (as I look at my table with 8 PowerShot G-series cameras sitting on it.. anyone have the number for the addictions hotline? )