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Pros: The camera itself is great. A fantastic bargain for the price. The picture quality is essentially equivalent to the bigger Canon SLRs like the 60D, 7D, and/or Rebel. The slow focus is well known. However, I was pleasantly surprised that it wasn't as bad as I expected. It works extremely well for family photos where the subjects are not moving around so much. It also works decently for movies where DSLRs like the Canon 5D Mark III will focus even slower.
The size and weight of the camera is exactly what I was looking for as an alternative to my 5D Mark III. I had also looked at the Fuji X series as well as the micro 4/3rds, but they would have been way more expensive and a bit larger as well. The Canon EOS M works great as a secondary camera for any Canon photographer.
Cons: It's very disappointing that the camera shipped is silver, not black. It was also shipped in a package that originally contained a 90EX flash, so the seller obviously sold the components separately which explains the low price. The camera was programmed for PAL and not NTSC video by default (25fps instead of 30fps), so I would guess this originated in Europe. Also, the charger requires an awkward cable to plug into the wall to support international plugs as well. I am guessing the normal Canon USA charger uses the normal fold out plug.
Keep these in mind since the low price comes with a bunch of caveats which will affect resale value. If I had known about these issues, I would not have bought this camera here.