I ended up buying one yesterday, taking advantage of the $18.99 EVF deal. If you know its shortcomings going into it and can find a work around, then it's a good deal. I have experience with the M line having owned the original, imported the M2 from eBay, and now ordering the M3. If expectations are making this a full fledged system or something you're going to use as a primary option, then yes it pales in comparison to almost every other system out there, I would go so far as to say that even the Nikon 1 line is a more compelling system (32 1.2 portrait, compact 70-300 lens that's a 810 equivalent, lightning fast AF). But if you pick it up as a compliment to your either FF system or APS-C system, then I would argue depending on what your current system is, it's hard to find a better value at the current price again if it fits your needs.
For me, my main system is the Sony a7rII. My goal was to find a compact camera for those everyday moments when you don't want to carry your system and a bag of lenses. Yes the Sony is small and easier to carry around than when I used to use a full fram DSLR. I could carry it everywhere but there are times when I don't want a $4,000 camera plus lens hanging off my shoulder. I'm talking about moments like she in taking my kids to the park to play for 30 minutes or going on a quick walk where photography isn't the main goal. Or to dinner with the family where I may want a picture or two but want something better than my iPhone but don't want the bulk of a DSLR/larger Mirrorless.
Decided on the M3 with EVF and the 22 f/2. And will stay with that, the only other lenses I could see myself possibly getting is the 11-22. Again as a secondary camera, $450 isn't a bad purchase. In the amount of research that I did, it was one of the few options that was APS-C or higher with a 180 screen that has a touch screen).
- 35 equivalent is a great focal length for me, and the 22 is a killer lens for the price (performance and size). More so than the 35 options on the Sony side (1.4 is too big, 2.8 is decent, 2.0 manual is a non starter).
- Just enough features for me (wifi, touch screen, tilt screen, grip, APS-C or higher sensor) and enough for my wife (selfie screen, small size due to removable EVF, auto modes). The Sony a5100 comes close but doesn't have an EVF and doesn't have a cheap, small quality 35, the Zeiss 24 f/1.8 is both considerably larger, heavier, and 3-5x the cost.
- I don't have any EF lenses but for those that have them, it's a cheap quality digital back for them.
As a lightweight, jacket pocketable compliment to a full fledged system, it's fine. As a primary system it fails. Most reviews criticizing its performance is just based on its comparative stance versus other systems. But for something whose needs somewhat match mine, and I'm sure there's more than a few of us out there, it's a quality option, st $800 like the original, or even $650-700 + $250 for the EVF like the launch price I wouldn't even consider it. At $447 for the body and EVF, it worth a purchase for me.