I tried it yesterday on an 08 M3 coupe and it is the same as the old M3 BUT BETTER! Hold the stick foward and "slowly" push the gas and it will rev to 5,000 RPMS (yes 5,000) and when you let go of the stick it will modulate the clutch to give you the best possible launch (launch control). For burnout mode, hold the stick foward, slam the gas down again it will rev to 5,000 rpms and when you let go of the stick be ready to burn rubber for probably 20-30 yards through 2nd gear and even into some of 3rd
Evan

 

Don't forget that launching a E92 exerts an extra ~80hp and 33ft/lbs of torque on a lighter car. 25% more hp during launches can certainly do alot more damage over an E46 launch.