The replacement to the current 1 Series is just about to depute.
http://f20.1addicts.com/forums/showthread.php?t=539990
It uses the F20 platform and will be a Larger car overall, some speculation has it being labeled the 2 Series. This car is due out for 2013, with a new M Model due out sometime in 2014. No M cars for the 1 -2 series from Jan of 2012 to sometime in 2014. Current model 1 Series except for 1M are selling as 2012's.
1M finishes up Dec 31, 2011.