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MPE won't give you any gains because it doesn't improve flow, its just a nice noise.
Going catless allows you to get some power but it needs a map from something like a JB4 to get your hands on it.
From reading Terry's posts theres maybe 20-30hp to be gained on 93 octane with a decat, better intercooler and a tune.
More than that is in the realm of ethanol or turbo replacement.
The n54tech.com boards on the N55 cover it quite well. From a power perspective the M2 N55 is exactly the same as the other N55s BMW have released, just with a more aggressive tune from the factory. Internals should be stronger though.
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