Not surprisingly, the Canon M put in a very similar performance to the Canon 650D in our lab tests.
The JPEGs from the M don't quite match those from the Olympus E-PL5 and the Nikon J2 from ISO 800 upwards, indicating the benefit of shooting raw images (see below) that you process yourself using Canon's excellent Digital Photo Professional software which is supplied or a third-party raw converter.
Raw files (after conversion to TIFF)
JPEG Dynamic range
None of the cameras compared here can quite match the Olympus E-PL5 for dynamic range, though the Nikon J2's JPEGs come closest at around ISO 1600-3200.
Raw file (after conversion to TIFF) dynamic range
Raw files (after conversion to TIFF) with a dynamic range of around 12EV at ISO 100, dropping to about 9.5EV at ISO 3200 means the Canon M can certainly hold its own and images have a good tonal range.