ts, I just got my Sony PCM-M10 today and tested it out and it is one fine small portable unit. I am wondering if your low recording level readings is because perhaps you have your M10 recording gain level set to "Automatic" instead of "Manual"? There is a little switch underneath the unit on the side by the record level knob. Set it to "Manual" and you should have tons of gain for your mic input.
I made a couple of test recordings with my low sensitivity Countryman B3 mics using the M10's internal mic powering. Damm fine accurate recording quality sound I must say.
What do I have to compare it to and say such a rave? I have its big brother the Sony PCM-D50 as well as a Sound Devices 702 recorder. I also have an Edirol R-09.
The Sony recorder units are the best of them all. Sound Devices 702, way over-rated for the money I spent on it. The Sony D50 and M10 make just as good or better sounding recordings and have much better user interface controls.
For those on the fence on whether or not to get the Sony PCM-M10, I can tell you go for it! Especially the price of it is so low! I got mine for about $235 after Bing Instant cashback award from eBay! Unbeatable quality for the price. Nice!