License plate ///M I think is a perfect compromise to the "show" status, considering the 135i "M package" is from BMW. If you have M crap all in and out ur car, whats wrong with a license plate frame to express a little sport... Motorsport to be precise. 135i's are track ready, can keep up with M3's with a single tune, and express the idealism of automotive enthusiasm BMW has created. Who the freak cares if BMW doesn't call it a M1; perhaps they have yet to release it... I would draw the line at a M badge. Indicating a factory spec of car that does not exist isn't kosher, so expect to be flamed, but sporting "M" lifestyle shouldn't be shunned.
BTW I plan on putting a M license plate frame on my car. Enough to get the point across without being a poser, IMO.