None of this matters if it will drive and handle and especially "feel" better than previous M3s and among them my favourite one, the E46, especially original CSL version. That will be a success whatever the hp/tq is from the factory.
However, if it struggles to match the feel of E46 and if it make drivers feel like it is even bigger than the E9X M3s then people will rightfully complain about the stock power level, since even my (and every other) totally stock 1M already provides from its N54T almost 412 lb-ft (560 nm) of torque while getting around 360 ps power (all crank like the numbers stated for next M3). Nothing special, all stock 1Ms or tuned 135i/335i are like that. Now, the 1M weighs 1495 kg. in base-stripped form. I doubt that a F30 based M3 can go much lower than that since it is much bigger in dimension. E46 M3s (standard or CSL) on the other hand were much lighter than the 1M. The new M135i is significantly lighter than the 1M albeit that is a 3 door hatch, so maybe there is still hope.
I say, let's wait and see, what will be the magic trick of the next M3. BMW can't afford dropping that ball imo. So, I say there will be something special about it compared to previous M cars and I hope it is not just wishfull thinking.
"The mark of a great car is one whose overall competence exceeds what you should expect from its individual components and the 1M does just that", Chris Harris.
2012 BMW 1M: TECH: Evolve Race+N55mids, Evolve IC, Michelin PSS, ER cp, aFe filter, CDVx, Vorshlag camber plates, BMS OCC EXTERIOR: trunk spoiler, blacklines, black grills, IND goodies INTERIOR: Alcantara steering wheel, steel pedals, custom mats, MPower e-brake.