Take your pick of currently available systems from Fujifilm, Sony, Olympus, Canon or Nikon. Loads of MILCs to choose from. Why wait for some mythical M3 that will prob never see a US or Europe release?
The current gear available today is more than good enough. The only limitation is the photographer.
In my opinion your last sentences are mostly true.
I love my EOS M because it has two real advantages:
- small and lightweight
- standard zoom is much better than the equivalent standard zoom for DSLRs
O.k., manual mode is awkward in terms of control, an EVF would be very helpful.
But: Give that camera
- a control wheel near the shutter release button (e.g. for exp time) and
- a second control wheel concentrically to the lens mount (e.g. for aperture) (like S95 etc.) and
- an ISO wheel +
- a tiny LCD which shows just aperture, exp time, ISO and remaining shots/minutes.
- a larger battery (with it's compartment acting as substantial hand grip)
and that camera is a winner for a lot of people - for these who enjoy photographic tools and are willing to pay e.g. 1000 $/€ for such a body. And it might be a winner for Canon: Advertising for a series of feature oriented EOS M like bodies (larger display, Wifi, 2nd display for selfies, etc.)
For me EOS M has replaced the S95 successfully as "always with me"-camera with extended capabilities and much better image quality especially at ISO bigger/equal than 400 ASA.