Its funny all the people complaining about not getting 450hp. Don't forget that the E36 M3 had "only" 240hp, yet today, nearly 20yrs after its inception it is still lauded as one of the best handling cars ever made.
The E92 may have had 414hp, but its competition (C63, RS4/5) had more ponies and torque when the E92 was brand new. And it still beat them in performance.
Even now, 6yrs after the E92 has been introduced, the meager 414hp is STILL able to compete with (and in some instances beat) the current C63, Boss 302, and other cars in its segment that are way up on power.
An M car isn't only about power, its about feel, and the complete package that BMW delivers of perfection through sheer work of superior engineering.
Now don't get me wrong, 450hp would be pretty nice, and I would love to see a bump in power in the new one. However, it isn't really NECESSARY if the new M3/4 is gonna drop 300lbs and gain 100ftlbs.
In the face of all the complaints, just think about this: when has the M division disappointed us?