M2Eclipse plugin is the second maven integration plugin for eclipse I tried and it seems it works quite well -- even maven console is working extremly well within eclipse. The only drawback I found this time is lack of working integration with latest (from callisto update site) webtools platform, but it is more a maven2 drawback than the plugin it self. As googling resulted only with some tips pointing to ".settings/.component" file which seems is no longer read by wtp (or it just didn't work for me) so I have hacked a little eclipse plugin to do the dirty work for me, and by "dirty work" I mean linking maven resolved dependencies directly into "src/main/webapp/WEB-INF/lib", which results in double classpath entries in project but at last WTP publish the application with all the libraries. Now I can use maven within Eclipse for every project type I could dream of :)
If you want to obtain the plugin just point the update manager to http://adam.kruszewski.name/eclipse/, it contributes a property page for every project so you can tune it for your needs (the sources are also available but they are not elegant nor pretty -- you ware warned!)