If you also own a 7-series, you should subscribe to the BMW drivercircle http://www.bmw-drivercircle.com . They give you your own BMW e-mail address as well, but it's somewhat slow since the server is in Germany. Anyways, back to my point, they have a discussion forum where questions can be posted and BMW engineers reply. The questions can be about anything, as I found out recently. One of the questions posted involved the SMG transmission and the new E46 M3. Here's what the man said:
Now that would be a dream come true.. BMW's F1-style transmission in the M5!! I wonder if they will come out with it before the E39 production run ends...SMG will be offered as an optional extra for the new BMW M3. This is planned for release in the North American market in the course of the coming year. We are also working on developing the SMG for the M5, also to be offered as an optional extra. This, however, is still in its development phase, so I am unable to provide you with an exact date for its release in the USA. I ask for your patience in this matter.