I think it looks fabulous and like a true heir to the e39 Sport. That's in no small part due to its rims which echo the sport rims on that very ancestor and which (for me) are the single best looking OEM rims to ever come on a Bimmer (including their use on 7 series sport). I'm not worried about the ride height as that can easily be remedied.
I also think you will see BMW introduce a trim line between a 535/550 sport and a full blown M5 (not unlike the 335is) that will be more aggressively styled and fit sportier tastes. No info for that by the way, just a gut feeling.
But for me, this is the one I've been waiting for and it just made the decision between two cars (SUV/Porsche) and one ALOT harder.
Well done BMW. Well done indeed.