There are a lot of changes coming from BMW starting this March...
Link to all these changes for the 2011 models (including the M3) in the "official" BMW press release:
The 2011 M3 Competition Package is mentioned near the bottom of the page.
Just to refresh your memory...
The M3 Coupe, Sedan, and Convertible models become 2011 models this spring. BMW ups the ante on the M3 Coupe and Sedan by offering a new “Competition Package” for MY2011. The package further enhances the highly responsive chassis by installing a 10mm lower suspension and 19” wheels with greater offset for a wider track. Combined with remapped Electronic Damping Control and Dynamic Stability Control systems, the M3 with Competition Package is the best handling production M car ever built.
The MSRP of MY2011 M3 Sedan, Coupe, and Convertible remain unchanged at $56,275, $59,275, and $67,925, respectively. All prices include $875 Destination & Handling. The Competition Package is available on the Coupe and Sedan models for $2,500.