The F80 (new M3 Sedan) mule has been testing in Germany (saw it myself in Germany while touring the M Studio). It is based on the F30 sedan, which has HUD, so you will see it on the M3. The F80 is a sedan, so yes, the next M3 will come in sedan format.
No AWD M3's have been seen testing, so I wouldn't expect one at least not in the first few years.
The Beast: E39 Dinan M5 (Gone)
Beast 2.0: E92 M3
"Control, Vision, Determination" These are the three fundamental components of the new generation race car driver!! SPEED is a by-product! -Memphis Raines