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They probably (wisely) underrated it because it's turbo. Turbo's have a bad habit of backing off on the boost when someone uses bad gas or during hot weather, etc. By under rating it, they can account for the absolute worst conditions and still not get sued when someone dynos their car in death valley and comes up 10hp less than the advertised hp. Look at the mess ford got themselves into with the cobras a few years back. Regardless, that car is very nice! With it that fast, it makes you wonder what the new M3 will do.
Yea, but from what I understand, they've been running BMW's with V-8's in racing for awhile.. I think that's why they decided to sell one with a V-8. I could be wrong though.