I just checked up on prices and yes the M2 is priced very low but the M1 is even lower and there is a Magic Lantern port for it. According to a former M2 owner, now an M3 owner:
Dumb question, what's necessary to customize the video bitrate on the firmware? Not a programmer, but I can script.
The EOS M2 had 50mb which produced beautiful 1080P video and no audio compression which resulted in great fidelity; vs the low bit H264 and AAC that Canon throws on the EOS M3 to neuter it so it doesn't compete with pro offerings since the autofocus and software IS is good on the M3/new APS-C's. I almost want to buy another M2 (sold it once I bought the M3) since it did such a good job with video.
So if you have an M2 you might consider holding on to it even without a ML port.
The Canon EOS M3
discussion is hinting on some serious interest in porting ML but there is no indication whether or not it has gotten off the ground yet. Though it does look like the CHDK
project has something working with the M3
. Sorry, nothing that I could find for the M2.