An M.2 slot can work in SATA or PCIe mode, the latter allowing much faster data rates (up to 4X PCIe speeds in some cases). However, as yet there aren't all that many M.2 SSDs that take advantage of the extra speed - the only one I know of is the Plextor M6e, which is a bit pricey I think. The other advantage of M.2 is that is supports the new NVMe addressing protocol, which is specifically designed for SSDs, & much more efficient than AHCI, which is what current SSDs are using. There are very few SSDs which currently support NVMe though, & to boot from such a drive, I think you need Windows 8 or 8.1.
So to answer your question: at the moment there's probably not much of an advantage of M.2 over SATA III, but there will be in the not-too-distant future