Dropping the shifter to the left just changes the shift points. There's a button on the console beneath the shifter labeled "Sport" that tightens the suspension.
On a 2013, M Sport package is all cosmetic. M Performance package tweaks the engine for 40 more hp and (I think) 25 lb-ft more torque. There are no published numbers that I could find for what that does either for 0-60 times or fuel economy. As to the former, I'd guess it shaves a few tenths, putting it right at the 5 second mark. As to the latter, my real-world experience suggests I'm getting around 15 mpg, mostly city. Not great, but I'd power my car with the blood of baby seals if I could. We don't buy these cars to be fuel efficient or green.
BTW, when I was shopping, I found that most CAs had no clue there were two different M packages. No less than 4 told me it was all cosmetic, and that I must be confused with the X5M. Needless to say, those 4 didn't sell me a car.
I can try a video a little later if you'd like to hear the sound of M performance.
The Msport package includes some non-cosmetic things:
220 Self-leveling suspension
226 Sport suspension
It does not mention anything on exhaust. I drove the 50 Msport & Performance and that sounded loud but in a awesome way. Plus it only kicked in above a certain RPM. I ended up ordering a 50 std which I also test drove but alas it was on busy roads and could not get the vehicle up to speed to compare exhaust sounds. But I have the same question, guess I'll find out soon.
All I know is those soft close doors save my sanity ever day with my kids naps
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