My "M" arrives today - I bought a used kit via a photography forum that includes both the 22mm pancake and the 18-55mm zoom for around $350 - which I thought was a good deal. Looking forward to getting it and getting familiar/used to the touch screen interface. I'm replacing my DSLR with this camera - just tired of the bulky form factor and hauling that bulky thing around.
From my view, this camera was lambasted at the time of its release for no good reason, other than some lagging AF which from what I have seen - has been corrected to a large degree with the firmware update. I have seen the "herd mentality" before on photo forums, but this mentality was in full-bloom with the EOS-M. Almost overnight it seemed that a few people and reviewers decided the offering "sucked" and spouted their opinions only to have the entire photo hobbyist world jump on the bandwagon and simply regurgitate what other people were saying about it.
I for one, will actually use the camera and then make a final judgement - wow the novelty of such an idea.