Well, I owned the X03 (and most other Inova lights) and have read many comments on the M1. It would seem that basically the X03 is a top notch quality light with decent throw, decent output and good runtime. The M1 seems more of respectable, but not quite top notch, build quality, even more throw and overall output, longer runtimes and the ability to use the 18650.
And for white wall hunters, I'd imagine the beam quality of the M1 with the smooth or orange peel reflector is a bit more traditional than the TIROS X03.
Seems like if someone had neither light, the M1 would offer a lot more than the Inova but if someone already owned the X03 and purchased the M1, it would be more of a replacement than an addition.
I've owned one or two X03s and a couple T3s, all of which I've sold but I'm sure I'll pick up an M1 Hunter this year.