http://www.magiclantern.fm/forum/index.php?topic=8825.0
As of October 2013 one user made the following comment...
EOS-M RAW Magic Lantern "Alpha" VIDEO OVERVIEW
After extensive testing I can recommend the EOS-M as a good experimental camera. However, it is not dependable. There is no indication Magic Lantern will ever see Beta, let alone a stable release for this camera. Current problems include a "shutter bug", screen problems if you forget to turn off custom FPS in movie mode and the fact that the camera turns off audio when shooting RAW and doesn't turn it back on if you switch to H.264 (I keep forgetting and ending up with soundless video).
It is reversible but use at your own risk. I suggest you uise the camera as Canon intended, find out what features you are missing, then see if ML can fill the need.