I've been pleasantly surprised by the iron brakes on my M5. Love them. Lots of power, good feel (wish I could say that about the steering) and no noise if you bed them properly.
My wheels have OptiCoat Pro Plus on them and I use Outlast after every wash, so brake dust isn't bad at all. I have PCCBs on my Porsche, so I know the allure. I don't think you can go wrong either way on the M5.
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