Looks wise, yeah, it's even gaudier than a 135i, which barely passes for handsome itself to most people. Not classically proportioned like an E46M, rather a little cartoonish and freakish looking. (I happen to think my TiAg 135i M-sport is tastefully shaped and well-proportioned for such a small car, but I'm biased obviously.)
Performance wise I'd have to drive one for an extended period, otherwise I'd just be talking out my ass. My one huge concern is that the engine may not have any significantly more "zing" or "woohoo" than a regular N54/N55 135i. Candidly, I find the N55 in my car to be lazy and unresponsive to my right foot, and a little lacking in character...fine for casual cruising or lightly spirited driving, but not up to the task of duty in a car with true sporting intentions that demands "right now" responsiveness. Everything else from the suspension to the brakes to the steering I'm sure is spectacular. I'm just a little skeptical it might be a brilliantly handling go-kart with a massaged truck engine in it.