1. No sixth gear (overdrive) - I don't know about fifth gear with the new gearing and rev limiter, but for long trips, a sixth gear would be a nice overdrive to keep the noise level down.
2. Identical wheels and dimensions - personally, I would have preferred slightly wider 18" wheels, and a more distinct difference than going from "chrome-shadow" to "satin-chrome"
3. Same suspension as the 99 and 00 M coupe and the e30 M3 - Come on, the suspension of our cars is over a decade old, and is definitely due for a redesign. Hopefully this will be a feature of the 2002 or 2003 re-designed M coupe.
4. Less Horsepower/Torque than the M3 - come on, there is no way they couldn't make the hp and tq equal. This is definitely a means to keep the M3 as their flagship ///M car. There is no way that this mysterious horsepower decrease can be explained through engine aspiration.
5. Still no keyless entry - I mean come on, isn't time that every car (especially a $45,000+ BMW) has keyless entry. It's ridiculous that this cannot be ordered as an option, only as a $495 accessory from BMW.
6. Top speed limited at 137mph - What the hell are they thinking? The M3 gets a 155 limiter and the M coupe with the same engine is limited to 137mph even though 155 is easily achievable in 5th gear in the M3 (assuming the gear ratios are the same).
7. No optional Xenon headlights - again, the M3 (and M5, Z8, 7-series, 3-series, 5-series) all have Xenons as options, yet the M coupe does not (along with the M roadster and the Z3-series).
8. No apparent aesthetic exterior differences - You would expect at least a face lift or something when an entirely new engine is put into a car, not to mention that all the other BMW series experienced minor cosmetic upgrades.
9. Identical pedals to first generation M coupe - The new m3 and m5 (and Z8) have a metal rimmed dead pedal. The M coupe is still stuck with the same ugly (but utilitarian) rubber pedalettes.
Overall, I am happy with the engine upgrade, but to tell you the truth, for those of us who are not planning on buying a new M coupe anytime soon, this moment is more bitter than sweet. The larger engine will undoubtedly increase the coupe's popularity, and the worst thing I could imagine is seeing an M coupe as often as an e36 m3. One thing that appeals to me the most about the M coupe is its uniqueness. Secondly, it will always be a little frustrating knowing that there are those lucky guys out there with spanking new M coupes and their 315 horse powerhouses. Overall, a step in the right direction, but still, many disappointments.