The "M" in the controller part number means that it can do CIP Motion over Ethernet. The Kinetix 350 is the CIP motion single-axis drive, while the Kinetix 300 is the simpler indexing drive that connects like an I/O module.
All of the Logix 5000 CIP motion features, like gearing, camming, interpolation, and coordinated axis motion are available with the 1769-L30ERM controller and the Kinetix 350.
I am currently working on a machine using the Output Cam feature with a Kinetix 350 to coordinate local fast outputs with the motion axis, and it works very well.