Yes M sport adds the cosmetics to the sport suspension and mechanics that come with the regular sport package. Mine has M Sport and the Sport transmission package also as well as suspension too!
'12 F10 550i (Dinan Stage 5/Intercoolers, CF Intake, Brace, Shockware, H&R Springs, Eisenmann Race Exhaust, CF rear difuser, Giovanni "Lindo" Graphite 20")
'10 e71 X6 35iDrive SAV (Space Gray) - Gone
'06 e85 Z4 M Roadster (Black Metallic) -Gone
'08 e92 M3 coupe (Sparkling Graphite) -Gone