One has to remember in this age of the internet, "HYPE' is just that. From day one BMW said that the 1M would be a limited production vehicle.
One also has to remember that in the US (not necessarily the same as other countries), Model Year does not equal Production Year (just try importing a euro car into the US).
BMW has always said that the N54 used in the 1M is certified only through the end of calendar year 2011. Maybe there is something to the fact that according to the BMW M brief at the launch of the 1M, BMW said they changed some very small internals (ie - piston rings) in the motor inside the 1M - which is supposedly different than the motor in the Z4. Maybe this is true - maybe not. But - this would be one reason why the 1M will not be offered past 12/2011.
For those of you that do not know - there was another limited production M vehicle that ended US production because of just such an emissions certification issue - the 1994-1995 850 CSi. The S70 V12 in the 850 CSi was the lowest production number motor which has ever been made by BMW Motorsport for BMW M cars, and did not meet US OBD2 requirements after the end of 1995 - hence no 1996 models were sold in the US. BMW only imported 225 examples of the 850 CSi to the US, and only produced 1510 examples worldwide.
Another thing - why would BMW produce a vehicle after the normal MY 2011 run is over (as is evident that 2012 models are being produced alongside the 2011 1M), and still call it a MY 2011, not a 2012? Probably the fact is that the data given by BMW that the specific N54 used in the 1M is not certified past 12/2011 - hence they can not call it a 2012.
So - many may speculate as to "what if" or "how many" or "when ever" with regard to production. But - the fact is that as of now -
according to BMW - we know that production of the 1M will end at the end of 2011.
You never know what "may" happen in the future - but just remember - anyone can say anything and "speculate" on this or any other board or discussion group. But...it does not necessarily meant it it the gospel truth.
Now....I think I'm going to go and take a drive.............