And if anyone tells you a 540i/6 with sport package is close - they are lying. My father owned a 540i/6 w/ sport package and they feel completely different when you drive them.
I've driven both, an M5 for the day and the 540i and for my needs, they actually were too close for me to buy the M5. I'm sure the extra 100 hp and the ability to drive 180 mph comes into play. I could always use this at the track with my 911. But beyond the "M" badge and to those it impressed, it seemed just a very limited appeal. If you can live with the new designed M5, these are arriving on the used car lots which may explain the price dropping of the older ones. The design isn't for everyone, but if 400 hp is good, 500 must be better.