Yes, I haven't heard the M2. But what I have read the sound quality of the M2 is very similar to the M1.
I well remember the Night Visions album by Imagine Dragons wasn't a good experience with the M1. That sounded even worse than the Philip Stetch.
I think since you have heard the M1 it might be a fair comment regarding the M1, but how can you make a comment on something you haven't even heard? Again, I was not a fan of the first generation I had it 2x and returned it both times. The M2 on the other hand are an entirely different story.