I sincerely believe that the best recent M car since long time was 1M and that was the reason why I chose it over every other thing despite admiring the E9X M3. In fact, I was closer to buy a Boxster Spyder if 1M wouldn't be available. If BMW M division were able to rush up a "parts bin" car to this point of brilliance and fun I think we have all the reasons to be optimistic about the next M3 since it is benefiting from a much longer and thorough development process compared to the 1M which I consider as its principal test mule anyway.
But you never know, it may not succeed to go far beyond the mule or it may simply miss something essential while trying to please everyone everywhere. We have to wait and see if BMW will make the right calls about its "It Car". I have no doubt that it will be the most controversial and much debated M3 to date merely because of its engine vs. its predecessor's.
2011 BMW 1M: Euro spec, w/out Nav, manual seats. Evolve Race+N55 mid, Michelin PSS, ER charge pipe, aFe ProDryS drop-in filter, CDVx, BMW-IND trunk spoiler matt cf/VO stripe, BMW blacklines, BMW black grills, IND side gills&rear M logo, silver turn indicator bulbs, anthrazit overlays on side creases and on air curtains, MPerformance steering wheel w/VO ring, BMW steel pedals, custom mats, color matched MPower e-brake.