When you say "dead end system", what exactly do you mean? ... if you are referring to upgrade path with faster [u]and longer reach lenses[/u], then the entire compact sized mirrorless segment, in its current state, is a "dead end system". With the exception of EF-M 22mm f/2 and a few of the lenses for micro four third mirrorless cameras, currently almost all of the faster lenses are bigger, defeating the size advantage of compact mirrorless cameras, the same goes for longer reach lenses. I was at the local Sony store yesterday to see if they had the 10-18mm lens, and happen to check out the Sony 18-200mm lenses for the APS-C mirrorless cameras ... the lens is not that much smaller then the Canon/Nikon/Sigma/Tamron equivalents. For me the compact mirrorless cameras/lenses make perfect sense for focal lengths upto 70mm (or possibly even up to 100mm), because they take up a lot less space in my hand luggage when I travel without sacrificing too much on image IQ ... also, I don't need to carry a heavier tripod, I am now able to carry just my Gorillapod, which also seems to be acceptable to cops, in the cities I've traveled so far (these were the same places where they do not allow tripods).
For those who do not care much about AF speed and those who generally shoot between 18-85mm equivalent FOV and prefer light weight/compact camera gear, the EOS-M and its 3 lenses make for a great compact option ... are there better options? absolutely ... but if you want to stick with Canon, that's all that you've got and despite EOS-M's limitations, Canon are generally not known for abandoning product lines or show middle finger, with utter disregard, to their customers, like Nikon and Sony. So, depending on what kind of a photographer you are, EOS-M is not a "dead end system".