With respect to some of the other posters in this thread, I disagree that mountain bike geometry and frame construction has radically changed in the last decade. Most of those changes have come in the area of all-mountain and FS bikes, which is not relevant to a discussion regarding an old Stumpy.

The M2 was specced very very well. It is a much better bike than anything you can buy new under four figures, with the possible exception of the fork. Regardless, the fork is completely adequate.

If this is your first mtb, I think it's safe to say it is a much better bike than you are a rider. I say this not to offend you, simply to put your mind at ease - just fix it and ride it.