The M1/M2 were decent for the frequency - but if you compare their PR rating (266mhz being ~PR333, or 366 if you go by some Cyrix docs), it's around where a K6 is....which is pretty dismal.  But if you take it per clock, which, IMO, you should (always taking its frequency into consideration though), Cyrix's aren't bad.  Of course, the new idea is to hope that mhz sells.
As for the FPU of the new "Cyrix III" chips (which are of winchip design), the FPU, litterally, is half-clocked.  That is to say that it is the exact opposite of the P4 which has "double pumped" ALUs.  The even funnier way of looking at it is that the FPU is full speed (350Mhz), and that the rest of the chip is "double pumped" at 700mhz 

.
Not only is the winchip single issue (meaning, one integer pipeline, and one FPU pipeline), it is also in-order.  This doesn't hurt a lot of FPU code, but it does hurt integer a lot, and some FPU code, of course, takes a huge hit as well.
All in all, it's not a bad chip for really cheap boxes, if the chip can be found for really cheap prices.