I feel Canon is a day late and a dollar short as well as a stop too slow. My M5 is with me pretty much anytime I leave the house. As with my Rebel SLs I have the three (more or less) kit zooms; 11-18, 18-55, and 55-200. When I bought the M5 I also picked up the 22mm f/2, but for some reason I never warmed to it, probably because I am an optical snob and the 7 element formula didn't impress me, even though I lived happily for many years with the 7 element EF 35mm f/2. Go figure.
With the introduction of the EF-M 32mm f/1.4 I started to believe that Canon was giving some love to the M system; they had never introduced anything that serious in the EF-S lineup. My feeling is that there must have been a dozen and a half to two dozen zooms over the 17 years of EF-S lenses while it took them 9 years to introduce the first (rather pedestrian) prime, the EF-S 24mm f/2.8. Griping aside, the 32mm is a lovely lens and it is optically quite ambitious (two more elements than the Zeiss Otus 55mm f/1.4!) And then nothing more happened... Then Sigma struck with their 1.4 lens trio. While I had hoped for an EF-M 53mm f/1.4 there was never even a rumor of such a lens, so when Sigma made their trio available in M mount I scooped up the 56mm as soon as it became available. At a Focus Camera, Sony, Sigma, and Profoto event in Brooklyn November 7, 2019 (two days after receiving the lens) I shot pretty much everything, all at f/1.4, and I was quite impressed. Impressed enough that a few days later I picked up the 16mm f/1.4. With a 67mm filter thread it doesn't quite fit the M form factor, but it certainly expands the utility of the M5 in a very nice way.
And now I am hoping for an 85mm lens, a 135mm FF equivalent. Shooting for the stars I would obviously like an f/1.4 aperture, which of course necessitates a 67mm filter and probably size similar to the Sigma 16mm f/1.4. But that is a compromise I would be willing to live with. In the meantime I am carrying around my trusty EF 85mm f/1.8 with the adapter. Heavy and bulky, but it gives me the reach. A fast EF-M 85mm would give the M system primes from 15.6mm (FF equivalent) to 135mm, all at f/1.4. With the M5 Mk. II that would be one heck of a little outfit! Let us also remember that Viltrox is working on a 23mm f/1.4. I handled a non-working prototype at PPE 2019, and the size was right. Quality remains to be seen. Until the virus hit the plan was to launch the lens late this month. And if someone made a lens similar to the Vario-Tessar 16-70mm f/4 for Sony APS-C, I would prefer that to the rumored EF-M 18-45mm f/2.8-4.
I have enclosed a few images. The interior at B&H is shot with the Sigma 16/1.4, wide open, focused on the eyeglasses of the salesman. The Sigma tech rep (Mark Farb) was caught with the 56/1.4, again at f/1.4. The woman in the restaurant was done with the EF-M 32mm, again at f/1.4. A speed light was bounced off a wall, camera right. All in all, a batch of sharp lenses. Give us more!