Well that is what I'm curies about to.
This seems to show 6 slots and 24 lanes. However when using both x16 slots both drop down to x4 speeds. This is probably where your "I did hear someone say" comes from. Not from the M2 part, even though M2 connectors can also be x4.
M2 however, can (and should) carry both SATA and PCI-e, eitherwith 2 or with 4 lanes.
In your case you can put a SATA SSD in the M2 slot. This will disable to of you normal SATA slots (see manual) and give you no speed advantage over a regular SSD. Not a good thing, unless you have a spare SATA M2 or like the smaller form factor.
If you connect a PCI-e based SSD to the M2 slot it will disable two different SATA ports, but you will potentially get more speed. The manual does not mention reducing lanes the the x16 slots. Those will be unaffectec by the M2 SSD.
Fewer lanes does mean less maximum thoughput. I reasonable guess is that using two PCI-e devices in both x16 slots will drop the performance of the cards by about 4%. Not much. But if you really want max gaming performance and two graphics cards then select another Z170 board, one which can power at least two slots at x8 (or fall back to older boards based on Hasswell-E (28 or 40 lanes) or X58 (40 lanes).
If you do not want extreme gaming (just very high performance gaming) then go for a single graphics card and put that in slot PCI-e #2. Put other cards in the x1 slots (you have 3 of those!) or in the other x16 slot if you can afford to drop about 4% in graphics performance.
Citat from
http://superuser.com/questions/1020268/does-m-2-ssd-card-mess-with-pci-express
Best regards from Sweden