[Brightcolours]

What does that M stand for?

Markus ;-)

Doh... of course!

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All specs here:

https://www.usa.canon.com/internet/porta...f1-2-l-usm


Much bigger and heavier than the EF 85/1.2 L II, way more expensive, still comes with free LoCAs... don't you just love the new mirrorless photography world?

Pardon my bitterness... I'm afraid I am a nostalgic dinosaur that simply fails to see how all these new systems deliver so much improvement.

Saw the same "weird" misunderstandings regarding the RF 50mm f1.2 L USM.
 
That RF lens is bigger and heavier and more expensive than the EF 50mm f1.2 L USM. Yes. 
However... That EF 50mm was an old fashioned design, and higher performing lenses have become larger, heavier and sharper. Compare that RF 50mm f1.2 to modern DSLR counterparts (Sigma 50mm f1.4 Art, Zeiss OTUS 55mm f1.4, Pentax' new 50mm f1.4) and the improvement gets clear. The Canon RF has the same or more elements as these lenses, yet weighs the same or less, and is f1.2 instead of f1.4.

Same goes for this RF 85mm f1.2. It does not weigh much more than the EF 85mm f1.2 (1195 vs 1052 grams), yet has much more complicated design giving it much improved performance (13 elements in 9 groups vs 8 elements in 7 groups).
How does it compare in weight and size with other "modern" designs? 
Canon RF 85mm f1.2 L USM:
1195 grams, 13 elements.
Zeiss ZE OTUS 85mm f1.4:
1200 grams, 11 elements.
Sigma 85mm f1.4 ART:
1130 grams, 14 elements.
Zeiss ZE Milvus 85mm f1.4:
1280 grams, 11 elements.

So, this f1.2 lens is pretty comparable to the sharpest modern DSLR f1.4 lenses from competitors, while being half a stop faster. There does appear to be an advantage for lens design with these new systems.