Yes, I have just done the changeover.
Originally, BMW told me it could not be done and that the multi-function buttons on the steering wheel would not work if I replaced the original slim steering wheel with and M wheel. The reason they stated was that the vehicle electrical system would not recognize the different wheel.
This did not sound right to me and, in fact, turned out to be complete rubbish.
I bought an M wheel and airbag and fitted it myself. Not problems at all, everything works
Now need to see if I can get the gear change paddles to work as they were not fitted on the original.
Here is a youtube vid link showing the process: