I pulled the trigger and decided to trade in my 2017 i5 iMac with a new Mac Mini with M1 chip (8GB RAM, 512GB storage). I could have recovered some more money if I had sold the iMac privately but this less hassle and also easier because I didn't want to deal with potential buyers because of the pandemic situation. I lost the iMac display by switching to the Mac Mini, but I bought a nice and affordable BenQ display so it's not a big deal. In the end the upgrade cost me a very little amount of money as difference and I was lucky because they had the Mac Mini I wanted in limited stock. Lots of people are having to wait for weeks to get one.
I can't believe how fast this machine is :D
I was worried about software compatibility especially for dev stuff, but just about everything I use works just fine either natively or under Rosetta. Even under Rosetta emulation apps are pretty fast (maybe a little slower the first time you launch them, perhaps because Rosetta does something to the binaries, boh). As a workaround for Docker, I am using a cheap VPS as remote Docker engine and that works fine too as a temporary solution until Docker is supported natively, and is pretty easy.
The only app I was using that was acting weird was Crashplan, very slow at scanning files and synchronizing information after adopting the existing backup. So I replaced it with Backblaze for the cloud backups (it even costs half of Crashplan and is a lot faster at backing up), and Get Backup Pro togerher with Time Machine for backups to local disks.
All in all I am very happy and believe it was a good idea to switch. The Apple Care for my iMac was expiring soon and now with a very small difference in money I have a new, much faster computer with another 3 years of warranty.
Have you switched to an M1 Mac or are you planning on switching? :)