I've not tracked my M, but have raced in FF and tracked Porsches. This always comes up in many places. Here's my opinion. If you want to learn the limit of your car, these stability aids are best turned off. The best way to learn is with everything off. Even ABS if you could. You will never learn without spinning here and there and making plenty of mistakes. Of course, if your goal is simply to go fast around a track, but not near any sort of limit of the car (which is a lot higher than most realize), and you don't want to spin and cause damage, then by all means leave it on.
A better option is to take a racing class and learn on their cars. This is in fact the best way to learn IMO. People say it's expensive, but when I see how much money some put into mods and then go to the track, they'd be better off going to a racing school and putting their money there. They'd be faster in the stock car after taking the class than with mods and no proper instruction.
I was surprised to read in another thread that the M "Advanced" school has the students use MDM. That's a shame. But it's cheap insurance for them I suppose.
I agree 100% with Gearhead999s.