No matter what reflector you choose (OEM, Painted, Clear, Smoked) they all look awkward. The only way to "fix" this problem is to have them shaved (aka filled in) and the bumper repainted. It will cost you $1000+ but anything else looks mickey mouse IMO. I did it on my last M3 and it was one of my favorite modifications. I'm puzzled by the amount of money people spend on cosmetic mods (spoilers, front lip, tint, etc.) and don't choose to get the reflectors filled. I'm a huge fan of the clean look that it creates.
'04 E46 M3 - Jet Black - Sold
'08 E90 M3 - Alpine White - Sold
'13 E92 M3 - Silverstone II - Sold
'13 E92 M3 - Alpine White - Ohlins TTX, AP Racing BBK, Cobra Seats, Akrapovic GT4, BBS E88, Volk TE37, OE GTS - Aero, 1/2 Cage & Seat Delete