I am currently using an M1 and love it. The only drawback is the length of tape and that usually isn't a factor. The R-09 has many advantages but the size of the screen is a huge let down for me. Honestly, the biggest bonus of using any flash recorder, in my opinion, is that you can quickly transfer it into a computer (such as CD wave) for editing and then burn it to CDs. That process has to be done in real time with the M-1. I have only used the R-09 once in the field and the results seem fine. I haven't had the chance to track and burn the CD yet, but I uploaded it onto my hard drive right away, that was nice!
I would personally recommend waiting on the recorder and focus on the mics. It seems that your mic situation is the weakest link and should get the attention first. As you said, there are many new recorders hitting the market now and it won't be long until something comes out that you won’t have to question. Personally, I'm waiting for a flash recorder the size of the M-1 or smaller that will have individual right and left recording adjustments. Patience is a virtue. Your deck is fine and doing a great job, get some great mics now.
Also, you are right to compare apples with apples. When comparing the —1 with anything else you should use 16 bit. Keep in mind what you will be doing with your recording. Will you be listening to it on your computer, burning it to a CD, DVD or something else. I use CDs, so I record in 16 bit. You have to determine what you want to do before you determine what equipment is best for you based on its features and recording capabilities.
Hope I’ve helped