I agree with Rage.. the lighter, 380hp version of the M5 would be a great thing. I've been a little upset with BMWs 'bigger=better' strategy with the M division. To be honest, my favorite BMWs are the E30 series M3s. They are light, exotic, quick, tossable and a ton of fun. They don't have 500hp, and they don't have every electronic gizmo known to man, and sure aren't luxury cars, but I have never had more fun in a car.
Then again, the same thing can be said for the Porsche 911. The new 911s feel like and behave like luxury cars (damn fast luxury cars, but luxury cars). Aside from the GT2, it is almost impossible to get in trouble in one. For anyone that has driven an old 911, there is some serious tweaking going on with the DNA.
Anyone else miss the 'true' sportscar? I think the closest thing to this formula today is probably the Lotus Elise. I saw one at E3, but I haven't yet had an opportunity to ride in/drive one. Man those cars look great.
Another car that I definately have my eye on is the Mini Cooper S. Fast, fun and incredibly agile. Kinda dorky looking though.