One interesting fact about Spec M is that it isn't integral; i.e., the ring M has zero divisors. This was proved by Poonen in 2002:
"The Grothendieck ring of varieties is not a domain"
Re points of Spec M: I suppose if you considered varieties over R instead of C, you would in addition have the map sending X to the Euler characteristic of X(R), though I've never seen this used.
Update: Oh, I've never seen this used because it's totally wrong. For instance, A^0(R) and A^1(R) have Euler characteristic 1 but P^1(R) doesn't have Euler characteristic 2. I think the mod-2 Euler characteristic would probably be OK here.