CM10 has reached ALPHA for the RAZR M and BETA for the RAZR HD!
Dhacker and Hashcode have been hard at work perfecting Cyanogen Mod 10 for the RAZR HD series. They have released several test builds. The Test builds have all booted just fine, but have been pretty buggy until now. Today Dhacker has released an Alpha build for the Razr M, and a BETA build for the RAZR HD. This is 4.1.2 and just about everything is functional in these builds.
The RAZR HD BETA build will work on both Consumer and Developer versions of the device. It includes working 4G data, voice calls (both speaker and handset), sms and mms, wifi on the dev edition (soon to work on the consumer verision), wifi hotspot on dev edition only, bluetooth, and camera is fully functional. Wifi direct and NFC are not working.
The RAZR M Alpha build will also work on both the Consumer and Developer versions. It includes all the same working features as in the RAZR HD build and wifi direct and NFC are not yet working here either.
RAZR HD build here
RAZR M build here