I agree, it has not been redesigned. Its just the M-sport vs non-M-sport.
I remember seeing some camo on the rear lights, but I dont see any difference there either...
Little known facts about BMW: 1) The N54 is still in production and used in the current Z4 35i and 35is. 2) In a Z4 you can get sport+ steering combined with normal suspension etc by selecting DSC=off. (Update: DSC=off also offers sports steering in the M135i) 3) All Z4s with 19" wheels are still only offered with the worst performing OEM tires ever sold with a DCT equipped BMW (Potenza RE 050 RFT).