New EOS-M, a mistake!

Mee too, I've seen people using the live view function of their DSLR's. It's not that, so 'wattsabout' then ?

I've ALSO seen lots of people USING THE VIEWFINDER of their camera, both 'compacts' and DSLRs, to snap their vacation shots etc., especially in bright sunlight ! (not THAT uncommon sight, no...) -this 'translates into' that your argument is only PART-time true, and to eliminate the need for a viewfinder, it had to be true > 99.9 % of time or more ...

A couple of years ago, I tried (honestly!) to 'force' myself to get used to a 'point and shoot' superzoom (Panasonic TZ7 w/o viewfinder), such a hopeless project, reason:

The high-quality AND high-gloss display of my TZ7 becomes almost unreadable under certain conditions (a minor part of shooting time, yes, still substantial). Using the common solution to this, a kind of screen-protector with a matte finish, this to reduce the 'glare', also reduces the readability of the screen in general, a whole LOT. This alternative was simply rejected (my personal taste). I'm still lugging around my 40D w/ 2 zooms...

My guess is, people buying into the Canon M system, will experience the same major disappointment, and many of them will strongly regret/replace it, rather soon, and telling their friends...

To me, we may now be witnessing the birth of a short-lived, very scarsely populated system, but then, Canon could choose to release: M-system add-on electronic viewfinder -rather soon, that is...carrying a reasonable price-tag that is, -and hear hear : A mega-success is rolling..