I passed a silver E36 M3 and had a wee look as you do, what is that on the bonnet? I thought, got closer and realised its the turbo showing through the hole in the bonnet! Looked pretty good to me!
I'm well aware that so far no M3 has had a turbo but there is a relatively unknown underworld out there called "modifying" its when people customise their car to their own personal tastes!
I thought it looked hard as nails! Would love to get a closer look