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BMW says current M3 sold out, no new AWD M models planned

Car and Driver asked the head of BMW M, Friedrich Nitschke, a few questions about what the go-fast division had in mind for the future, and was rewarded with some enlightening answers. The best news to purist ears is that Nitschke said customers don't want all-wheel drive on their M cars, so it's the rear wheels alone that will propel new product into the future. If you want both an M badge and four driven wheels, it's the X5 M, X6 M and M Performance models you're looking for in the catalog.
"Mixed bag" is the phrase you're looking for regarding the other answers. Nitschke said that future M engines "at the core of their architecture" would "be closer to BMW AG engines" that are optimized for M cars, instead of following in the line of unique marvels like the V10 and naturally aspirated V8. They will keep the high redlines, however, with Nitschke saying "there is room beyond" the 7,000 rpm mark in BMW's current V8 turbos.
Managing weight will keep the same priority for M that it is for every other brand, so electrically assisted power steering is coming, as is an "unconventional" materials mix. At the smaller end of the M scale, Nitschke described three-cylinder engines as "attractive," saying that the brand can produce more than 310 horsepower from a three-pot.

2015 BMW Alpina B6 xDrive Gran Coupe

Alpina has been lovingly modifying BMWs for half a century, but as we learned during a tour of the company's HQ in Buchloe, Germany, Alpina has been in the wine distribution business for nearly as long. The company has an estimated million bottles on reserve in two warehouses and a beautiful wine cellar/tasting room on property in western Bavaria, just yards from where its 1,500 hand-crafted automobiles per year are produced.
What does that have to do with the new B6 Gran Coupe? Well, it may help make sense of the overall character of Alpina's automobiles, especially vis-à-vis the similarly priced, similarly powerful M Cars that BMW sells in far greater numbers. Alpinas are built by wine connoisseurs for wine connoisseurs, or wine connoisseur types; they are not rip-snortin' racecars for the road - that's M's domain. Alpinas are esoteric, rich in character and nuanced. But make no mistake: they are very, very fast.
Our brief first drive of the B6 Gran Coupe - the only 6 Series-based Alpina we'll get in the US for 2015 - took place on German autobahns and Austrian alpine roads, where the car is more at home than anywhere in the world, both literally and figuratively. With 540 horsepower and 540 pound-feet of torque on tap from its twin-turbocharged 4.4-liter V8 and xDrive all-wheel drive, the B6 is said to be able to hit 60 miles per hour in 3.7 seconds on its way to a top speed of 198 mph, a massive 43 mph faster than the M6, which is electronically limited to 155 mph. Yet even at insane speeds - we saw an indicated 190 mph on one particularly lonely stretch of Autobahn - the B6 feels more luxurious than sporty, taking the countenance of a low-slung Bentley Continental GT or an Aston Martin Rapide S, not a knife-edged supercar. It doesn't feel scintillating like a Porsche 911 GT2; rather it feels rock steady, like the 4,780-pound luxury sedan it is.

Old vs. new debate gets new life with $25,000 Fiesta ST vs. E46 M3 showdown

You know who you are. There's probably a few of you reading; the ones that say, "Why would I spend $27,000 on a new Mazda MX-5 when I could get a used Chevrolet Corvette with more power." Yes, we're talking to you, used car proponents. While it is a fair argument, it's not like used cars don't come with drawbacks of their own, though.
In an attempt to put this new-versus-used argument to bed once and for all, Matt Farah of the The Smoking Tire has picked up a pair of $25,000 cars - a used, but lightly modified, 2003 BMW M3 and a 2013 Ford Fiesta ST. Naturally, there's a comparison.
Farah, as he's wont to do, does get into the nitty gritty of what each car is like to drive, and discusses the merits of used and new-car shopping. But as he rightly points out while testing the M3, "So, it is a good car. But like any used car, it really does depend on the individual car."