It would be a very sad M-product imo. Maybe they deem it necessary knowing Porsche is coming up with their high performance small SUV, but still it's a long way off what 'M' stands for...
Regarding performance the engine doesn't seem adequate to me either, I can't imagine it being quicker than an X3 35d (or will it be called 40d?) in the real world.
Are you sure about that 3.0 D in June ? BMW hasn't issued any official infos yet but maybe I missed one or two?
Currently, the 35i with 306 HP is the top model and the X3 M would be a nice addition, especially since it wouldn't cost BMW too much to put this car on the market.
You could ask yourself: Who needs the 35i then?
Update: Just checked, only a pre-order spot is possible, official configurator for the X3 3.0d isn't available yet (dealer). Maybe it is different in Australia?
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RC (Germany) - Rennteam Editor Porsche 997 Turbo, BMW X5 M, BMW M3 Cab DKG, Mini Cooper S JCW
Yes it is order only at this point, production (for RHD anyway) starts in April for both 30D and M-Sport. My dealer is owned by BMW Australia which is in turn owned by the factory, so they have a lot more info than others normally. I was able to lock down my order with pricing and everything now. It will be a guilt free fun family car for us. The biggest problem with our X5M and E63 is that the missus always complaints how unenvironmentally friendly it is and the fact that we have to refuel so often.