If you're happy with back boxes have a look at Eisenmann...
www.eisenmann-sportauspuff.de
If you have a look at the web site they have videos (Race spec), the E92 M3 is great! Stay away from the R8.
Mine is on order! They do an M system but there's no pics / videos on the site.
I did speak to the factory in Germany (tried the uK and never got back) and they were very helpful, one thing they did say was on the spec, there's really 2 to look at:
1. Race - loud and not advised if you do long journeys
2. Sport - burbles more at low revs and then gets more raucous as you press on (I've gone for this one)
If you look at the link Breaker posted here:
http://www.z4-forum.com/forum/viewtopic.php?f=16&t=16311
In the article they briefly mention the Sport system.