Production is now slated for the Dec. 2000 - Jan. 2001 timeframe. Tom acknowledged that there was a problem with the engine, he did not give specifics but he said a component from an outside vender needed to be "enhanced". BMW decided not to ship the cars with the suspect parts, they decided to wait.
Initial production would be for demos and press cars, followed up by ordered cars. Expect deliveries of customer units to begin in the first quarter of 2001. If you have a car ordered already you should see it in time for next summer (my guess, not his). If not, waits could be long, because there is a limited amount of production for the new engine. Judging from the crowd at Otto's and the fact that there are a LOT of M3 leases coming up, expect big sales on the M3.
Tom said there will be an E46 M3 cab, but did not say when.
The SMG is up in the air. So is the 4 door.
I'm #15 on the M3 list at Otto's, I can't wait...