I don't think it's available at that price from a major retailer, although Big Value Inc is selling gray market versions on eBay for even less than that.
It doesn't fit my definition of pocketable, that's the S95/100/110. (Side note, if you need the printer, great - else, I'd personally go with the S100 over the S110. As far as I can tell, they are almost the same - same sensor, same lens, etc., the S110 claims a faster AF but it's still slow, but I really like the grip on the front of the S100, and they eliminated that from the S110; or get the Franiac grip mod for the S110). Although without lens, the M is about the same size as those powershots, even the thin 22mm pancake adds quite a bit. However, it is easily belt wearable; with the 22mm, it fits perfectly in the Lowepro Dashpoint 20.
I've used it a few times on outings, it's quite a nice little camera. Honestly, I didn't 'need' it. But one of the main reasons I got it was as a travel backup - works with all my lenses with the mount adapter, but probably won't need it on a trip, and takes up much less room in the bag than a regular body.
Kudos to B&H for that. It seems both B&H and Adorama oversold their $299 stock for EOS M + 22mm kits. Adorama cancelled those oversold orders, B&H kept them in the backorder queue and filled those orders with the kit that included the 90EX, which I infer was all they got from Canon.