1st off, it's not a facelift it's a new model, as the z4 has already had 2 facelifts and it's 7-8year life cycle is about up, the new model should land in 2009.
From what i've read so far is that it'll be a hardtop cabrio and they were considering a rag-top (there are spy shots of both versions) also but ditched that idea due to most of the competition moving to hard-tops.
The pics look a tad old, more of the camo has already been revealed late last year in testing, see
http://www.worldcarfans.com/6070823....shows-its-nose
Here is a sample pic of what it may turn out like, looks a bit like a combo of the CS concept, z8 and e92 in my eyes
http://www.motorauthority.com/cars/b...w-z4-roadster/
The best of all spyshots is the ones from leftlanenews.com, which show parts of the interior along with the volume of cambo the new beast is buried under.
http://www.leftlanenews.com/spied-ne...on-bmw-z4.html
personally i'm loving the front end from what i've seen so far!