My Powerchipped (no CAI) M5 did 290 km/h (abt 181 mph) and I can swear it was still pulling (not hard), but I ran short of free highway space. I'm sure it would have ran the speedo up to the 'magic' 300 km/h.
Checked with the OBC once for speedo accuracy, it showed a difference of 2 (two) km/h at 260 km/h (258 according to the obc).
It was taped from the back seat, I was listening to 'Dixie Chicks' on cd, and since my right arm was on the way of the lens (she was zooming the speedo), I had only one hand (left) on the wheel. It was awesome, so rock steady you'd think I was doing only 200 km/h...my wife was really amazed how good the M5 behaved...and my smile was so big I looked like an idiot with new shoes!
Marcelo