I'm not a diehard BMW fan, nor am I well-informed on the 1M. However, I will say do yourself a favor and buy the 1M in blue if you can find it. It's stunning!
The casting is spot-on, the color is the best I've seen on any MB or HW ever, and the tampos are perfect! They're detailed and impeccably placed. Full headlights and taillights, license plates, and kidneys.
I think it's fair to say this is the most incredible $1 car I've ever come across. It's unbelievably good.