Whenever we talk about M2 and M5 branes, and d=11 supergravity, chances are the discussion is tacitly about Mtheory in the more restricted sense (eg not the whole configuration space of string theory). This 'restricted' entity is pretty well studied and you can come at it (again using dualities) from a variety of different directions.
Incidentally, I don't like to use the word 'theory' for the different corners and formulations of string theory b/c typically it causes confusion in the sense that there is really only *one* string theory. It is unique as a theory just like maximal supergravity is, and similarly both have a number of possible compactifications and a landscape of solutions.
"What is its action, its path integral, its Hamiltonian? I think this consistent quantization is not known; otherwise the while program would have been succeeded - but as we know it's still work in progress. "
The supergravity action is well defined, and the quantization thereof has been studied long before string theory. Mtheory (in the restricted sense) does not have an obvious action (its difficult to write one down for membranes), however you can study it somewhat indirectly using the many different dualities. So the point is we know it exists, and theoreticians can even formulate it with matrix theories to give it a precise definition, observables and so forth.