I too am in the market for an M and feel I have a good understanding of the service history requirements. The Ms here in Australia are almost all low kms (<50k) and will not have had an inspection II done because, as mentioned earlier in the thread it is done purely on distance, not time.
Furthermore, it's rare for any to stick strictly to the 2 year interval for oil changes too, and 3 years between oil services (but covering only maybe 5,000km) is pretty common. I spoke to the service manager at my local BMW dealer about it (who worked his way up from being a mechanic and whose advice regarding BMWs I do trust). He himself has worked on plenty of S54 engines and he says that so long as the service was done at a dealer (who will have used the high spec oil specified), the kms are low and no track use then he wouldn't be concerned about 3 or even 4 years between oil changes. Take that for what it's worth but the selection of cars available here in Oz is extremely limited and if you were to discount any that didn't adhere strictly to the official servicing requirements I guarantee you would never find one.