There will be a BMW M1 afterall, apparently the concept should appear at the FrankFurt autoshow around 2008 (11th - 23rd September). It will have the same engine, as that of the Z4 M Roadster / Coupe.
0-60 ~ 5.2 seconds { suppoasably 300 + hp }
@ calboy tex: I would have to disagree with you there. By the time the M1 hits the market, I am sure that the new R3x, and S3, and other competitiors will be in the 280hp range. Therefore when the M1 does come out around 2009 - 2010, 300 hp will be quiet possible.