@12georgiadis:
"Do we record in 10 bits or lossless 10/12/14 bits for continuous ?"
I don't own the EOS M but the 100D which should be very similar and has the same card write speed. I can confirm that the 100D can record in the Movie Crop Mode (3xCrop) at:
1) 8...11 bit LL, 1800x1008 resolution @23,976 fps WITH SOUND !!! - CONTINUOUSLY
2) 12 bit LL, 1800x1008 resolution @23,976 fps WITH SOUND - for about 40 s.
3) 14 bit LL, 1800x1008 resolution @23,976 fps WITH SOUND - for about 14 s.
The recording times in #2 and #3 depend on the fine detail and whether or not there are very bright areas in the scene. With very contrasty scenes, underexposing by 0,5 to 1 stop may increase record times substantially. Dual ISO works very well in such situations. Video quality is fantastic! No VAF filter in Movie Crop Mode necessary!
If you can live with somewhat lower (1728x972) resolution, recording in #2 is continuous! If you do not underexpose, video quality at even ISO 6400 is perfectly usable!
The 100D used is so cheap at the moment that you could buy one to play around with just for fun. It is the perfect replacement of the 7D which is not ready yet for crop_4K and as a bonus it solves also your sound issue, (no h.264 proxy necessary, sound sync is perfect). You also have in-camera playback in color in the above three modes.
Get yourself a used 100D. You will not regret!