I feel your pain... so I went with neither. Bought the M4.
I was concerned about the M1 and hanging too much 3gungear stuff on it (cycling problems), although the experiences have varied. But, they varied enough to keep me concerned. So, I looked at the M3, because of the backup pump action. A friend of mine has one, and he says it's got a lot of parts and harder to clean (duh, it's more complex). That part didn't bother me, though. I just hated the idea of switching to pump action if cycling low power loads would fail (may as well go with an 870).
But, once I started getting to the M3 price, I had to (in fairness, ha) look at the M4, because of the gas assist ARGO system. And I really liked that collapsing stock, and the ghost ring sights, and the top rail (want to put an Eotech on it). On the M4, with the mag extension, I can put 7 in the mag with short shells.
But, between the M1 and M3, given no price difference, I guess I'd go with the M3.
If you are even thinking about the M4, do check back on purchasing details, because there are some potential "gotcha's". Good luck in the decision.