The main problem I have with this and the Nikon 1 is that the functionality of the camera is aimed consumers wanting to upgrade from P&S cameras. Unfortunately, the new Sony large sensor P&S, and large sensor compacts in general, are a much better type upgrade for those people. Most consumers I know would want the zoom, yet that kills the form factor. So with what its likely to be the preferred option, its still not a pocket camera and barely a purse camera. Finally, the $800 price tag is too much for a T4i and its too much for the EOS-M. Personally, I would buy the new Sony over this as my walk around camera for that very reason. That's even after I swore to never buy a camera with less than a FF sensor again....
So this camera is not for me, I knew that the moment I saw that it came in a color other that black and silver. That is fine. Yet, in a market were there are so many better options would Canon release this camera? Say I was going to buy a mirrorless camera tomorrow. What would make me buy this over a Nex-5n, OM-D, GH2/G5/GF, or Pen cameras? Features? No, the EOS-M has nothing that these others don't. Len selection and quality? No. Sensor size? No. Speed? No. Price? No. Size? No. The whole thing is just Meh.... So what would I buy? The Nex 5n. The size is in the same league, the lens selection is in the same league, the feature set is better, the image quality is better and the sensor is a tiny bit bigger 1.5 crop vs 1.6 crop.
I really don't get why they didn't come to the market strong...
Update: the Camera hit Amazon Per-order #1 spot.... I guess people don't care that there are better options.