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The M.4 will likely be supported for longer. I don't know for how long, but I am guessing two years after the M.2 loses support. If that's worth $125 a year, then the M.4 is the answer.

The cheaper M.2 is a good choice otherwise, specially if your usage isn't heavy.
 
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I have an M2 Air, and I love it. It does everything I need in a machine I travel with including gaming, local AI image generation, photo & video editing. However, at this point I'd recommend going with the M4 since it's almost certainly going to be supported for around two years longer than the M2.

The only reason I'd change my opinion on this is if you were using the difference between prices to justify a more expensive M2 with a larger SSD. But if you're sticking to 16GB of RAM and a 256GB SSD regardless, getting the M4 seems like the better plan.
 
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Good choice in my opinion. The M2 is a superbly capable machine today but I think the M4's neural enhancements might become more useful over the next few years.
 
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