M brakes aren't that great compared to some other brands, they are grand for street and fast driving but pure trackdays will require something better than what BMW supply you with.
Now this is not to say that there is many brands out there that supply their cars with brakes capable of track work, Porsche springs to mind and Ferrari but few others.
Pads help to a degree but you really will need to fork out a few thousand on some quality brakes if you are seriously into trackdays, but then you already knew that.
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