Photo courtesy: AutoBild.de
http://www.autobild.de/aktuell/meldungen/artikel.php?artikel_id=10867
99% sure it's the real thing. Not a photochop.
My 2 cents: Front end is fine. Nothing special, but not weird or ugly like I was worried it might be. I have concerns about the visual bulk of the rear quarter. The car looks big back there, even though the unmasked shot of the rear itself looks way hot.
I had the same concerns over the visual bulk of the E46 coupe when I first saw it and now it looks right to me, so maybe the E92 will do the same.
I've very eager to see this car at Geneva, since it's pretty likely it will be my next BMW.
M