Actually no, I believe they are 20mm offset. but.. (archive)

I have talked to others and heard that they fit well for the most part, but tend to stick out a bit. I talked with one guy that would swap his E28 M5 wheels from his M5 to his E30 M3 and would not have any problems with rubbing, but when he tried it on another M3, he had rubbing on the outside of the tire against the outside lip of the fenders in the rear. If you run 225/45/16 tires, you might want to try to run a hair bit more negative camber or slightly roll the fenders (if you happen to have any rubbing).
I actually think 20mm offset wheels would look better than 27mm, having the outside of the wheel more even with the outside of the fender. Also, I should mention that according to Bavarian Autosport, these wheels fit the E30 M3 just fine.
Hope this helps.

Follow Ups:

i have stock e28 m5 wheels no rubbing looks great eric89m3 15:03 4/08/2001 (2)
- love to see a pic!(nt) boyracer 15:59 4/08/2001 (1)
  - here it is !!!!! eric89m3 17:59 4/08/2001 (0)

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