I agree with hoodlum. I was using my EF 400mm f/5.6L recently with the EOS M, and holding the combination at arm's length to compose and focus really isn't ideal. With long lenses you need to brace the camera and get it up to eye level. An EVF option would be a lot better.
Regarding Neuro's comment about being able to buy it in the States if it materialises, I simply can't understand Canon's marketing strategy. I am a big fan of the EOS M, but living in southern Thailand I was unable to get hold of the EF-M 11-22mm and had to drive down into Malaysia, where it is sold, to buy one.
So far, I haven't seen the EF-M 55-200mm in this region at all, although it is a lens I would probably buy if I could get hold of it. I can't understand why certain products are only sold in certain regions when people who live in the 'wrong' places want to buy the products.
Regarding this new EF-M 70-400 patent, it isn't something that interests me greatly. I am happy to have two systems for different needs. I use the EOS M for everyday use and street photography - no great speed or incredibly quick focusing required. I use it for everyday photos of the kids and photos for my website.
Occasionally, if I get the chance, I might go out birding with a long lens, but then I will want the speed and focusing capabilities of a DSLR system. Different tools for different jobs because no one camera system is suitable for every occasion.
These days, the lens that stays on my M most of the time is the 11-22mm. I love the wide angle, but there are also times when I could use a bit more focal length. An EF-M lens that starts off at 10mm or 11mm and extends to around 100mm would be ideal. Any lens over 200mm doesn't really interest me for the current M.
If it was made more like a DSLR - EVF, responsive, fast focusing, etc - it might be a different story, but so far no M body like that exists.