For starters, I hate the hood, black lip spoiler and side grills. The badging is a bit ridiculous, but the irony is that anyone who even had a clue what Alpina is would immediately know it's bogus. So on this technicality I'd let it slide. An M3 badge would be a bigger foul.
The funniest thing about it is the fact that it's a 328.
That E28 is the shit. That's a hell of a big intercooler and oil cooler. I'm not feeling the weenie tires and stance though.