E90 M3 V8 Spy Vid...
 

...covered in camouflage, but nevertheless...

http://www.badongo.com/vid.php?file=...0_e90m3spy.avi

i dunno about specs except for it'll be a NA V8, and its safe to assume that power will be significantly upped in order to compete with audi's new rs4 which puts out 414 hp...

i have also heard rumours that there will be a 335i model added to the 3 series line up to bridge the large gap between the new M3 and the 330... no hard sources, but ive read on other boards that it'll be a Turbo I-6, output being in the mid 300 range, and priced about the same as the current m3... like i said though, its all speculation...

There is a turbo 335, and the rumour about the new M3 is a little over 400 HP.

/\ but no clear picks yet?

doubt it, seeing as how this is only expected to be released as a 2008 model (released in late 2007)