I have to confess I am one of the few M3 owners it seems who have debadged. I look at it this way. People who are into cars will recognize it immediately for what it is... and it seems to cut down on the people who want to race me among those who can't tell the car without the badge. Besides, it's pretty much a minimal effort anyways... with 6 other M3 or ///M symbols on the car between the wheels and gills that come stock, it's very easy to recognize it for what it is as long as you know what to look for. It does make the back look so much cleaner though... I like it much better without the badge.
2003 IR/Blk M3