UPDATE 1/10/2014 I haven't been keeping track of ML development. I downloaded a new version a few days ago and it looks a bit different than what you'll see in this video. However, the basics are the same. Due to moire/aliasing issues, I strongly suggest you plan on shooting 1080x720 at 24fps on the camera, which will mean crop mode which will mean a 3x crop, so 20mm becomes 60mm+
I create a windows based Focus Pixel Fixer utility (pink dot removal). You can get it here: bitbucket.org/maxotics/focuspixelfixer/src
WARNING: Magic Lantern is still in Alpha for the EOS-M, as far as I know. This video may make it look easier than it is and ML can/will void your warranty.
UPDATE: 8/28/2013. There is now a version of ML that autoloads on this camera. Sorry I can't give specifics. ON ML forum somewhere.
UPDATE: Cineform 422 output, while it looks great as a proxy, will not give best results when grading. I am now using TIFFs. Change that, back to Cineform, but added these argument -d4 -q5
Video shows how to set up the EOS-M (after the alpha version of Magic Lantern is installed on the SD card).
I show basic setup and then my current workflow for converting and editing the RAW footage.