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Let's not forget that the M5 engine is capable of far more than what it has been programmed to be right now. This is straight from the mouth of a BMW Motorsports engineer. (I forget which article, but I remember it for sure)
I would venture to guess that the largest delta in a chip upgrade would be in the tuning of the "VANOS" engine (V for variable) and have little to do with rev limiters.
Also, the thought of more horses on the M5 is downright scary. Brake upgrades would be a must.
Rumor has it that BMW will release an M5 chip upgrade to make ensure that M5 owners won't feel ripped off when a new M3 puts up a great fight.
Personally, I would rather wait and go with a chip upgrade from the BMW M engineers who know this incredibly complex engine best.
Don't forget the Porsche brake upgrade if this ever happens!
-Sam
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