I have recent experience of this having brought one from new a month ago.
Firstly, CA Automotive offer the best price, I met the guy who runs the business to pick mine up and to be fair he's a sound guy and very very knowledgable about the S54 engines and the E46 M3 in general, which obviously transfers to the Z4M. They have the best price and mine arrived from Japan in 2 weeks so pretty quick turn around as they are made to order. So I would Deffo recommend ordering from them if you decide to get one.
Secondly, yes there are debates on price vs performance and what you get out of it, which to be honest is just the awesome noise. You are paying for the noise, don't think you'll see a performance gain (or drop for that matter as you probably won't notice either). Personally, I think it's worth every penny, it sounds amazing, pretty close to the CSL airbox which is well over a thousand pounds. It makes it sound like a proper high performance engine. If you haven't already check out Andysixspeeds video on YouTube of it. My mantra was im only going to own this kind of car once before probably downgrading to a more average car so make the most of it while you have it.
You could wait for the Evolve intake, but it's an unknown quantity at the moment and I don't believe a price has been decided. If it's massively cheaper than a Gruppe M id be surprised to be honest.
Thanks - i am sold!
If you do decide to get one, install it yourself, it's pretty easy although the instructions are in vague English. If you need a hand I'd be happy to help you through PM but sure youd be fine if you do get one