OK, Steven, I've come along...
If you define the function $f(E) = M + e \sin(E)$, your equation becomes the fixed-point equation $E = f(E)$. Now $f'(E) = e \cos(E)$, so if $|e| < 1$ and $E$ is real, $|f'(E)| \le |e| < 1$. This means $f$ is a contraction mapping:
$|f(x) - f(y)| \le |e| |x - y|$. If $p$ is a fixed point and
$E_0$ is any initial "guess" that does not satisfy the equation,
this contraction property says that $E_1 = f(E_0)$ is closer to $p$ than $E_0$ is, by at worst a factor of $|e|$. Continuing with $E_2 = f(E_1)$,
$E_3 = f(E_2)$, etc., we get
$$\eqalign{|E_1 - p| &\le |e| |E_0 - p|\cr
|E_2 - p| &\le |e| |E_1 - p| \le |e|^2 |E_0 - p|\cr
|E_3 - p| &\le |e| |E_2 - p| \le |e|^3 |E_0 - p|\cr
\ldots}$$
Since $|e|^n \to 0$ as $n \to \infty$, we conclude that the sequence
$E_0, E_1, E_2, \ldots$ converges to $p$.