I bought one of the 2016 12" Mac Books from Woot bak in November or so. The M5 is a mobile Celeron class of processor, not in the Core-i -series. It IS a low-end processor and not very fast. But this is MacOS, not Windows, and Unix varients like MacOS don't need as much CPU horsepower for basic needs. And this is not a "Pro" machine. The M5 processor is fast enough for office-type applications, playing music, converting or 'ripping' music (a bit more slowly), and watching video online. The 12" retina display is VERY nice to look at, except that at age 60, I need bigger displays. 512GB is the right size SSD to get. The biggest advantage of the 12" MB is that it is small enough and light enoough to really carry around, without sacrifice screen appearance, as you would with a chrome book or HP Stream.
The 2016 ones, had the same limited (Woot) warranty. They were brand new machines that Apple had kept in reserve as warranty replacements. Since Apple was releacing their warranty replacements, how could they offer AppleCare(warranty replacement) on those machines? Keep in mind that Apple Notebook machines now use a "monolithic system board" design, repair is a remanufacture process, so they'd just do swaps with data transfer in-store. (If you want that, you're willing to pay several hunderd more..) Monolithic design means fewer failures and better battery..
You need to get a bit creative with one of these, due to lack of ports. I need lots of ports. I believe Apple's thinking is that every connection is a point of failure and a drain on limited power reserve. They Apple business model is Use The Network, they provide iCloud and several Gig for free. For this unit and my MBP, I created my own TimeMachine backup and file sharing server from a $35 RaspberryPi and a Costco+Seagate 4TB disk, just using some how-to's from the internet.
I believe any college student would be thrilled to have one of these to take to classes and write their papers on.