I think that the dpreview presentation of lens equivalence is getting better:http://www.dpreview.com/previews/sony-cybershot-dsc-rx100-m3
("f/1.8" sure sounds better than "equivalent to f/4.9 on 35mm")
While the EVF, 24mm equivalent and improved video are great improvements, I am somewhat disappointed that they did so little to improve the user interface/ergonomy/fun-factor. Yes, it is hard to make a pocket camera feel as intuitive and responsive as a large, heavy DSLR with lost of dedicated buttons, but this is a Japanese mega-company specializing in those kind of things, expecting a large sum of money for their product.
- I don't use the rotating wheel around the lens since it feel awkward. That is a great loss that they ought to have fixed in the 3rd generation.
- Camera _thickness_ is my most important size-limitation (does it fit comfortably in my jeans pocket or not). Almost anything that could make the camera thinner while maintaining IQ has my vote (including ditching the tilting LCD like the mk1)
- My RX100M2 is used almost exclusively as a wide-angle camera. Perhaps the new lens would change this behaviour. If not, I could just as well have a fixed 28mm equivalent f/1.8 for reduced cost/size.
- The menu system screams for a more smart-phone/touch like experience. Nothing flashy, but faster and more intuitive please.
-+/- 0.7 Ev exposure bracketing? In-camera HDR only to JPEG? Come on...
- The NFC/Wifi could actually have been useful occasionally, but I have a really lousy coverage using my Sony Android phone, and the Sony app is rudimentary to the extreme.
- The LCD viewfinder is subject to scratches even though I have been very careful.
- The built-in microphone is sensitive to wind noise.
The bottom line is that the M2 allows surprisingly good pictures in a highly compact package, important enough to me that I am willing to live with certain quirks and a stiff cost. I expect the M3 to further improve that formula.