Yes, but the M5 is a sportsedan, the more "sedan they get, the easier it is to by-pass the manual (look at Audi and Mercs) but the next M3 will still have a manual option I bet and so will the other future sportier BMW models.
In the case of real sportcars, Lambo, Porsche, Ferrari, etc the main models always have manual option, and only special models may have only sequential, like the Enzo, Stradale, etc.