I have been playing with the X-M1 for two days, and so far I love it. The colors are superb (tank you Fuji), and the noise is not a problem up to ISO 6400.
My only issue so far is the fact that the included RAW converter (Silkypix) can't duplicated the camera JPEGs (colors and contrasts don't match), but the in-camera's RAW converter can, although it's an hassle to have to proceed that way.
Focusing is good and relatively fast, but kind of struggle in low light, even with the assist lamp.
Overall I am very happy so far. Most of the photos I have taken are keepers. I don't even feel the need to processing them.
Considering that images are always better than words, I'll include a few photos SOOC (straight from the camera).
Superb Fuji colors.
Excellent dynamic range (although see "cons")
Low noise, even at high ISO.
400% dynamic range only available above ISO 800
Included RAW converter can't reproduced the superbs in-camera's JPEGs
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= community average