With the Area options of Auto Stay Mode after exit time if no violation, Restart Exit Timers, Single keypress quick-arm, and Allow Stay key change if armed are all checked there are some bugs in the M1 (also the exit/entry door in the following examples is configured as Force Arm - not sure if any of the stated settings play a role in the following behaviors or not).
Pressing exit while the system is Armed Stay will indeed give an exit time countdown so you can exit. However if you want to take out the trash (as mentioned above) you have to leave the door open. If you close the door after you and then re-open it, to come in, even with the exit countdown still counting, the system will go into entry mode with a steady beep and will require you to disable the alarm (and then reset it). This behavior makes the exit function only useful for exiting with the alarm on and not returning within the exit time (no quickly taking the trash out or dumping the recycle into the garage).
One other issue is that if you let the exit timer run out with an entry door open it will immediately set off the alarm. No entry delay and no Output 2 siren delay just instant full blown alarm.
So if you go to take out the trash and leave the door open (so that you don't have to turn the alarm off and back on when you come back in - see above) and you take too long. Bam full alarm and the kids and neighbors are all up.
Also sometimes when you press the exit key you get an "error" tone from the keypad and nothing happens. Then press it again and it will give the exit time countdown.
Unless these are new bugs I would have thought a system this old would have these kinds of bugs worked out by now.