The Internet of Things (IoT) represents the next wave in networking and communication which will bring by 2020 tens of billions of Machine-to-Machine (M2M) devices connected through the internet. Hence, this rapid increase in Machine Type Communications (MTC) poses a challenge on cellular operators to support M2M communications without hindering the existing Quality of Service for already established Human-to-Human (H2H) communications. LTE-M is one of the candidates to support M2M communications in Long Term Evolution (LTE) cellular networks. In this paper, we appraise and present an in depth performance evaluation of LTE-M based on cross-layer network metrics. Compared with LTE Category 0 previously released by 3GPP for MTC, simulation results show that LTE-M offers additional advantages to meet M2M communication needs in terms of wider coverage, lower throughput, and a larger number of machines connected through LTE network. However, we show that LTE-M is not yet up to the level to meet future applications requirements regarding a near-zero latency and an advanced Quality of Service (QoS) for this massive number of connected Machine Type devices (MTDs).