One could argue that BMW M cars have been plagued with exhaust sound issues lately: their AMG counterparts are miles ahead in engine sound quality, as are the rivals from the Audi RS camp. Hell, even the new M340i outperforms the M3 in audible character! No wonder FI Exhaust found it necessary to design an upgrade for the latter.
The aftermarket sports system replaces the stock one and provides a feature called Valvetronic for fine-tuning the sound on the go from your smartphone. You can watch the video to get a general idea of the kind of sound you can get. As for the tips, they can be finished in various ways, including grey, carbon, and gold.
As you probably know, BMW even developed a feature called Active Sound Design to mitigate the poor sound profile of its recent cars using audio speakers. We can easily imagine people turning it off the second they opt for an aftermarket exhaust.