I got my pair of M2 Wireless (Ivory) last friday, and so far I'm not satisfied with the Bluetooth. I've reported them defective and will get a new pair this week, hopefully those will work properly.
Personally I really like the ANC, it's more subtle than Bose and while perhaps not as effective it also doesn't give the same "popping ear" effect. When I was walking around town I kind of didn't notice how effective the ANC was until I removed them for a little while and all of a sudden there were all sorts of background noise I hadn't heard before.
The sound is also really good. It's kind of expected considering the "Sennheiser" brand, but still worth mentioning.
So back to the problem. The Bluetooth. Honestly I don't think I've ever tried a pair of Bluetooth headsets with this poor reception. I could even get it to lose connection indoors with the phone (Lumia 930/Icon) next to me on the sofa (!) or with a Nexus 7 2013 tablet in my left back pocket while talking around the apartment. That's just completely unacceptable IMHO.
And when you go outside it's much worse. I usually have my phone in my front left pocket, and it's still kind of cold here so I have a sweater and jacket on. That's a bad combination for the M2 Wireless. It's constantly losing connection when walking around the city Moving my phone to my front right pocket made things better, but it's still losing connection and glitching out way more than what is acceptable. It seems to predominantly have problems with changing environments, like when you exit a building. Or crossing a road.
Considering they are about the most expensive Bluetooth headphones on the market I expect them to perform at least as well as a $20 Sony Bluetooth->3.5mm stereo plug adapter. Hopefully the replacement pair is better.
I should also mention that I noticed a big difference in playing back podcasts and playing Spotify. I assume the music is higher bitrate and that causes more problems.