Ok. The Nikon V1/J1 hasn't been a terrible sales success. It hasn't be a failure, either, but it is far from setting the world alight like the Olympus E-M5 and Sony NEX cameras have. I think that it's philosophically wrong, but I suspect that another problem with the whole thing was the insane price.
Apparently, Canon thinks that the only problem with the V1/J1 was, in fact, the sensor! Haha! Oh, silly me! And this whole time, I thought cameras followed basic laws of consumer economics. Man. I'm glad that Canon is around to tell me what's what.
The only detail that we didn't have previously was the price. It was, considering the shape, size, quality, and reports et al., safe to assume that it was going to be cheap — more in line with the Sony NEX C3 than the 5n or 7.
Ohh, how wrong we were to assume that. Canon has done what big companies do best and woefully misjudged the market. The new EOS M will cost eight-hundred dollars with the 22m pancake lens, $1,200 with the 18-55mm kit zoom, and $1,500 with both lenses (the last two numbers converted from GBP). To whom are they selling? The only people in this price range are enthusiasts and pros — the very people who don't give a crap about sleek yet accessible styling.
This. Is. Laughable. The Olympus E-M5 will eat its lunch. Sony will barely feel it. After the initial burst of sales that any company with a huge marketing and distribution budget can manage, this camera will fall off the map. Guaranteed. I will put money on it.
EOSHD posted his thoughts on the EOS M's official specs and everything is summed up pretty well in this:
There is still a very small chance that Canon have put something useful in this thing… Like a better video processor, or more resolution in 1080p, or…
No, I’m dreaming.
This is Canon.