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It's a good choice, I've debated for both lines in other threads. That said, one of the most attractive options on the M-line is the M steering wheel. If you want a heated steering wheel, the M wheel isn't it. I have a sport line with the heated steering wheel and its awesome. I would still trade it for the M wheel in a hot minute.
If you do get the M-line, I implore you to keep the M wheel over the heated steering wheel.
I drove an M with the M wheel that was heated. It can come that way. Were you thinking it couldn't or am I misunderstanding you and missing something importsant? By the way, I know it sounds pathetic, but I like the thick M wheel for my arthritis. Also why I want a heated steering wheel and that IS what sent me looking for a new car. Otherwise I love my E46 and it was doing me fine.