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Greg,
A chipped M5 will not perform as well as a chipped S4. It's because the S4 is turbocharged. Chipping a turbocharged car does not only remove the rev limiter, but also increase the boost.
Just to illustrate to you, a chipped M5 can only gain about 25hp while a chipped S4 can gain about 70hp. Compare that in terms of percentages and weight to power ratios. You'll see what I mean. As for the 125mph test, it has to do with the car's gearing ratios. As I said, I'll test it out with my friend and we'll have the conclusions. We can even pick a test date and those who are curious about the REAL performance of the M5 can join up.
BTW, I do intend to chip my M5. Dinan's chip will be coming out in about 6 weeks.. I'll post some info on that as well.
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