I'm in the same situation with my car - why does it seem to be so many Australian ones??
There's one thing I can add that may assist - I've noticed that mine often gives a little "cough" on the first crank, but after that it just cranks with no hint of a start and no more coughs. So I've always suspected that the DME won't let it start once it's had some sort of aborted attempt - hence if you crank for 20 seconds on the first attempt nothing, but starts right up on the second attempt. Have you noticed anything similar?
So my situation is:
- only happens when cold - ie overnight,
- usually starts on second attempt, somethimes third
- holding key so I can hear the fuel filter run (sometimes even 2 or 3 times) to try to build fuel pressure before trying to crank has no effect
I've changed in the last 10,000 kms all 4 CPS, vanos o-rings, ECU temp sensor, fuel pump and filter, spark plugs, thermostat, under plenum vaccum hoses, MAFS.
I have discovered a crack near the front o2 sensor bung, so was going to have this welded and change all 4 sensors to see if this made any impact before starting a thread on this issue, until I saw this one (I have ordered the sensors so will do this shortly and provide an update).
I'm at 170,000 kms and had no peake codes but recently got a pre cat o2 sensor code.
My only other thought was that I ran the car with a bad thermostat for a while, and also what turned out to be a bad ECU temp sender unit (on the thermostat), as once I changed that the car ran much better. SO I was wondering if it had been running really rich and fouled the 02 sensors - but I'm not sure if they would impact starting?
The charcoal cansiter may be an interesting theory - I may try to swap with another local M5 owner and see if it moves the symptoms to the other car...
Nick