With the EOS M5, Canon takes a step toward offering a mirrorless model that might finally compete with its entry-level dSLRs as well as other interchangeable-lens competitors. The camera has the specs and the features to surpass the EOS Rebel T6s/760D, at roughly the same price. I can't help but wonder if it's a tacit acknowledgement that while entry-level dSLRs are still selling, the popular ones are around $600 or less, so it doesn't matter anymore to Canon if they cut into the next price tier up.
With much improved performance specs over the sluggish older models, the M5 looks like it might be a solid addition to the line and a decent alternative to Canon's similarly priced Rebels.