I agree John.
The existing micro 4/3 lens line from all manufacturers has relatively small (but small aperture) lenses in keeping with the size of the bodies.

For me, the reason to use micro 4/3 was to lose weight so I could actually pick up and use the cameras while recovering from surgery. They have proved usable for motorsport in sunlight, and there's no way I would put a 2lb EF 24-70 or 3.25lb 20-200 onto the EOS-M. I wouldn't be able to lift it and use it !
On the other hand the TS-E lens would be cool on that body, but since Kipon announced full function EF adapters for NEX and micro 4/3 - why do I need another body?

The only reason to use the EOS-M, for me, is if the AI Servo focus has normal DSLR speed.
My lowly 20D could do most motorsport, including F1 as a backup body.
But the killer then becomes the range of EOS-M lenses - or lack of it.

According to some who have tried both, the autofocus on the OM-D beats the EOS-M hands down.