I got my M1 Mac Mini yesterday, and I set it up in about 20 minutes - and that includes migrating all of my applications, crontabs, shell scripts and java apps. The only thing it didn't move over was the web server and a bunch of other homebrew utilities, which is expected. The migration tool is stellar, and over Gig Ethernet, it's very fast.
I told myself I wouldn't run BS until at least 11.1 (which it seems we're within 10 days of that) and I was right. Right after the install I had pink squares on my display, which is a known bug on numerous displays with the Mini. It makes me really question Apple's testing practices... it's not a nitch display, it's a Dell 27" Ultrasharp, very common.
The grouping of applications and other crud on the desktop is driving me crazy. Disabling that immediately. They also changed the clock and it's options, not sure why. But overall it's a good look with some great new features.
Anyways, wait until 11.1 at a minimum, you'll be glad you did.