Sensitivity of Transit Searches to Habitable Planets
  Photon-limited transit surveys in V band are in principle about 20 times more sensitive to planets of fixed size in the habitable zone around M stars than G stars. In I band the ratio is about 400. The advantages that the habitable zone lies closer and that the stars are smaller (together with the numerical superiority of M stars) more than compensate for the reduced signal due to the lower luminosity of the later-type stars. That is, M stars can yield reliable transit detections at much fainter apparent magnitudes than G stars. However, to achieve this greater sensitivity, the later-type stars must be monitored to these correspondingly fainter magnitudes, which can engender several practical problems. We show that with modest modifications, the Kepler mission could extend its effective sensitivity from its current M_V=6 to M_V=9. This would not capture the whole M dwarf peak, but would roughly triple its sensitivity to Earth-like planets in the habitable zone. However, to take advantage of the huge bump in the sensitivity function at M_V=12 would require major changes. 
Andrew Gould, Joshua Pepper, D.L. DePoy (Ohio State)