It varies. Yes your M is important, but so are the M's of the people at the table, and their position in relationship to you.
Also, previous action is important.
Harrington on Hold'em Volume II covers this nicely.
Basically, people with middle stacks don't want to get KO'd or crippled so they play tightest, and are thereby easier to steal from.
Short stacks may figure they have nothing to lose so they'll call light if they don't think they can make it to the money.
Big stacks are apt to call your raise with a wider range, because they can afford to.
If you have a small stack you can only steal from people who'd get crippled if they called you and lost.
Cashing is a big deal though.
If you play a $10+1 MTT cashing can be the difference between a $10 profit a $11 loss. That's a $21 improvement.
If it's a large S&G, the payouts at the bottom are fairly flat. When you are short stacked there's no need to risk a guaranteed cash on a coin flip if winning is only going to increase your average payout by an extra 20%. The difference between a guaranteed $10 profit and a coin flip where you either lose your $11 buy-in or make a $12 profit is too wide.
That is, a call with a coin flop means you'll average a $12 profit half the time. So the call gets you a $6 profit on average, whereas folding gets you an average $10.
Now, if the coin flip gives you enough chips where you'll have a shot at the steep payout for the top seats, then it may be worth it.
Look up "Independent Chip Model" as that has a lot to do with proper strategy. Your chips are worth varying amounts depending on payout structure. You want to make plays that maximize their value to you.