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BMW M4 sheds some camouflage for latest test run

Last time we saw the upcoming BMW M4 out testing, it was heavily clad with camouflage and decidedly homely looking (as most early development mules are). But in this latest set of photos, the M3 coupe successor has started to come into its own skin, and we're seeing a shape more closely akin to that of a rendering we brought you a few months back.
Unsurprisingly, the M4 coupe looks very similar to the 4 Series Concept that BMW debuted at the Detroit Auto Show earlier this year. And while non-M version of the 4er will likely look a bit more sedate, these spy shots clearly show an aggressive front fascia, large wheels and the usual quad-exhaust rounding out the rear end.
Naturally, the M3 sedan will launch before this M4 coupe (and convertible), and powertrain details are still unclear as of this writing. We understand that the current M3's naturally aspirated V8 will be axed in favor of some sort of turbocharged six-cylinder engine, and we've heard plenty of rumors as to what, exactly, it might be, but we have yet to hear any official confirmation.

2013 BMW M3 Coupe Lime Rock Park Edition

Sic Transit Gloria
I like difficult cars. I like turbo "moments," dramatic weight distribution, low-grip, peaky power delivery, and overly quick steering, along with ultra-short wheelbases and any number of other non-racecar-perfect dynamic foibles. I love the newest generation of BMW cars and engines - all turbo'd up with tons of torque and power everywhere in the rev range, too. But what I think the enthusiast community will miss when this 2013 M3 Coupe becomes the 2014 M4 Coupe - replacing its idiosyncratic, small-displacement, revvy V8 for something like a triple-turbo, directly injected, inline six-cylinder powerhouse in the process - is the work it takes to drive the car fast and perfectly. Sometimes small flaws just make things better; my mistress' eyes are nothing like the sun, and all that.
The idea of this E92 M3 going away then, magnified by the loss of the M3 badge for the coupe, is at best bittersweet for me. This generation of M car is already surpassed in terms of raw thrills by the better-than-ever Mercedes-Benz C63, a car that doesn't ask its driver to sacrifice low-end grunt or the very latest in amenities in return for stellar backroad performance. Yet any time I've been lucky enough to lap a track in the M3, it has quickly become clear that the Bimmer is the better on-edge tool. With the freedom to wring the neck of the 4.0-liter V8 and room to exercise the lovely balance of the car, the E92 is hard to match (even six years after its debut).

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.