Its been confirmed that the images are indeed a photoshop. From another board, Re: the car mag:
Yesterday, we posted an article questioning the validity of the 2008 BMW M3 that’s featured on Car’s February 2007 issue. Today, we found scanned pictures of the specific article which, unfortunately, prove that the 2008 M3 we saw was photoshoped.
Even though the images are somewhat blurry and could easily be mistaken for being the “real thing”, the answer lays on the first page and specifically where it quotes: “Images Barry Hayden / Motor Forecast”. For those of you who are unfamiliar with the name, Motor Forecast is a company that specializes in “chops” – for example, they came up with the Chevrolet Camaro Convertible rendering that was shown on Autoweek.com.