The "True M" owners get very defensive/protective whenever M offers a new product (the "1M isn't a true M car" furor seems to have just died down, as has the apparent outrage and insult to M heritage that are the X6M and X5M).
So for all those defensive posters, I ask, why buy an "M" car? I suspect most M3 owners on here will tell you it's all about the performance. That means that it's not all about the badge, right? So if the marketing boys want to badge a whole bunch of cars with M that doesn't dilute the performance of the M3, in fact the raison d'etre for the M3 is unaltered altogether. Unless of course you say it's all about performance but in reality your most attracted to the exclusivity of your M3. My point is, as long as the high performance oriented option is still available, and the enthusiast can still find it in the brochure or know how to ask for it, why care?
Another thought comes to mind, which is "what is a True M Car"? It seems like memories are short lived, and although I am no BMW historian, I can't think of any paradigm of M-ness that has ever existed. I can think "true" (at least arguably) historical M cars with 4 cyl, 6 cyl, 8 cyl and 10 cyl, engines in straight or V configurations, 2 door, 4 door and 5 door bodies, coupes and convertibles, M535is and M5s, and many other varied configurations.
So what has M been, historically? I suggest that since they put the engine from the m1 in a sedan in an effort to recoup losses from that project, it's been about marketing, but if they happen to make a product that the enthusiast loves, then that's all the better, right?
Finally, that wagon looks awesome and I wish we had it here in the states.