considering getting an EOS-M... should I?

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considering getting an EOS-M... should I?
9 months ago

I've been seeing these $400 sales for the camera with two lenses, and have been reading some comments here calling that dirt cheap and a good value.  I'm close to pulling the trigger, but a few things have kept me on pause so I'd like to hear from people here about it.

1) I am unencumbered with lenses from previous systems, so that isn't a consideration.  I am moving up from point-and-shoot.

2) I'm on a pretty tight budget.  I've been looking hard at some other mirrorless cameras, and really like what I see and read about the Olympus E-PL5 in particular, but it's $600 and doesn't seem to be dropping much.

3) I'm a bit concerned about the very sluggish focusing I keep reading about.  How much of an issue has this been for you guys, especially after the firmware update, and is the autofocus considerably faster than a point-and-shoot?

4) I read comments from time to time about Canon's sensors being well behind Sony and the others, especially in terms of dynamic range and high ISO.  I can see myself wanting to shoot at ISO 1600 and 3200 in dimly lit rooms and outdoor fairs at night, as well as taking a lot of hiking trail pictures in forests that have some pretty stiff extremes of DR.  Problem?

5) I read a few reviews about the AAA powered flash being sub-par with a very slow recycle time.  Is it really that bad?  Is it any better than a built-in flash?

6) Is the general consensus that this system will be kept alive by Canon with new models and lenses to come, or would this be a one-off at a relatively cheap price, but no future home for the lenses?

I'd really appreciate some opinions and user experiences on this!  Is it a no brainer deal despite certain limitations, or should I consider some other cameras?

Olympus PEN E-PL5
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