I do not like this phenomenon either. I just saw an Imola Red E53 4.6is with an ///M badge. Here is an attached picture of a base 3.0 with 4.6is badges that I saw at my dealer. The guy should be shot.
I have a friend who has a very,very nice '04 3.0 with Style 177 wheels and BMW Aero Kit but he added 4.8is badges too. Shame.
Check out
this thread for the ultimate in wannabe delusions.