EOS-M - enough to dump the camcorder?

Hi,

I currently own a Canon T2i and a Canon HF200 AVCHD camcorder. I hate carrying both with a vengeance, so much that my de-facto camcorder is my iPhone and the HF200 only comes out for rare dedicated video occasions.

From the info available on the EOS-M camera, and with the experience what the T4i can do, is this finally the camera to rule them all for reasonable consumer use? I found video on my T2i virtually unuseable because of the limited AF capabilities. I'm not a video geek, i only use zoom and start/stop recording on my camcorder. On an EOS camera I would probably take advantage of shallow DOF aperture and other fun things as well.
Where do you expect the EOS-M to be inferior to a consumer camcorder?

Thanks,
Alex