If the rumor is true (we will know tomorrow), me and thousands of Canon fans will be disappointed! Look at the picture below where the EOS-M is placed beside the Nikon V1.
The front of the EOS-M showed very little hand-held space, it look like there isn't a build in flash; but what is that slot on the right? Could that be a flash release slide? It is also obvious that the EOS-M is a pure point-and-shoot offering, lacking an EVF like the V1.