This is true, but it is undoubtedly the best material for a steering wheel. If you use a suede brush gently you can keep it looking good for a long while. But beyond that you have to consider it a maintenance item.
I'm personally not a huge fan of alcantara... It feels lovely to the touch so in the right places it's nice to have but I much prefer the aesthetics of CF or thick perforated leather.
I'm a fan of the BMW performance wheel that has the LED indications running either side... Not sure if it fits the M though... When you compare costs though it makes the AutoCarbon wheel seem cheap, I believe it's a good £1500