No. The EOS M is aimed at people who like taking good photos, but aren\'t particularly interested in the technical side (i.e. sensible people). The camera is small, simple, and high quality. A Rebel is large, complex, and cheap and nasty. Those cameras appeal to very different people, even if they have a similar sensor and price tag.
Millions of high-quality photos are taken every day by people whose end goal isn\'t just a pretty photo, but a pretty photo in the context of something bigger. I think Canon is aiming at them with the EOS M. Consider blogs like these:
Those bloggers need a camera. They\'re highly sensitive to brands, they have loads of money, and they want a high-quality product. An expensive, pared-down Canon with metal-barrelled lenses might tick the right boxes.