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The 2006 BMW M5 is no mere sport sedan, but one ungodly creature of four-door power. Step inside this thing, and you're sitting in a cross between a practical luxury sedan, with all the gadgets and most of the pampering potential of a six-figure Bimmer touring machine, but with a maniacal fire-breathing, redline-chasing engine worthy of any Italian exotic car.

Now this is an impressive crossover of segments. Of course, no one in their right mind, besides me apparently, will call the M5 a crossover vehicle. That label has been taken over by tall wagon makers who don't want to call their car-based creations SUVs, but don't think "station wagon on stilts" has quite the right marketing ring to it. The M5, if logic were to somehow become the determining factor in the car class naming game, would be the first UPS -- the dawn of the ultra performance sedan.

It's the first sedan ever to feature a never-ending stairway of revs in its V10 heaven, where a variety of internal combustion magic within those 10 cylinders produces 507 hp, the most of any production engine sold by BMW.

Those attributes right there should be enough to firmly place this latest version of the BMW M5 in the legendary category, even if only a precious few drivers in this country will be able to acquire this vehicle, even if they have the financial wherewithal to barely glance at its $115,500 starting price. Canada's allocation of M5s for the 2006 model year has already been sold out, company officials say. The shortage is such that even the car that BMW Canada is carefully loaning out to select media types is owned by a very understanding M5 owner.

Once you're seated in an M5, it doesn't take very long to realize that you're in something special. The first indication is the 330 km/h speedometer, even though the M5, like all BMWs of serious power, is electronically limited to 250 km/h, or 155 mph. Yet for the racetrack-inclined, it doesn't take an exhaustive Web search to realize there are ways of getting around that limiter.

The next indication is an innocent-looking Power button located to the left of the shifter, right above similar directional stability control (DSC), and electronic damping control (EDC) buttons. Think of these as setting your takeoff sequence: the power button unleashes all 507 available horsepower, otherwise the car defaults to a "mere" 400.

The DSC button ratchets up the intervention threshold of its electronic guardian-angel slide-prevention system, to the point where you can turn it off totally. I'm all for fun behind the wheel, but you really have to have guts (some might say the bone-headed kind) to risk your $125,000 M5 by turning it off totally. It's not like you can't have fun with it on, so you're only gaining some white-knuckle incremental entertainment. For some, there may be a pure driving appeal to turning off everything electronic, and just letting the car's mechanical handling speak to you. BMW allows this system to be turned off completely, unlike Mercedes-Benz and many other luxury makers, to appeal to some of these hardcore enthusiasts, likely against the pleading of company lawyers.

It's an admirable automotive statement, even if very few owners will run it in that mode. Like riding a horse bareback, there may be lots of unfiltered communication between rider and mount, but perhaps a little too much pain in the end.

The EDC button controls how stiffly you'd like the suspension set up. Leave it, and it varies the amount of damping control based on how you're driving -- speed of throttle inputs, lateral sensors, etc. But if you're in the mood for control (harsher on the tush, but tighter in corners) or comfort (vice versa), this is where you pick your dynamic pleasure.

Next to those buttons is what looks like a manual transmission, and in fact is an advanced seven-speed manual transmission, but with no clutch pedal, plus no torque converter to dampen performance or worsen fuel economy (or smooth out shifts). It's BMW's third-generation sequential manual gearbox (SMG), which the company says allows the driver to shift 20-per-cent quicker than the already quick previous-generation SMG.

The transmission can be shifted by punching the lever forward and back, or by using the shift paddles located directly behind the steering wheel. These paddles have a nice-looking metal finish, but what really impresses is the unexpectedly rich suede-like feel of its surface where your fingers touch them. The paddles will be fondled often, as even in the transmission's fully automatic mode, there's a fair amount of jerkiness in the drivetrain, prompting you, almost forcing you, to row up and down the gears yourself, when the shifts become smooth and blindingly quick.

Blindingly quick is an apt description of how it feels on the road, too. It's not a torque-monster, where a mere throttle tickle will give you a surge of low-end grunt. It's quick off the line, to be sure, but to really impress, find a stretch of open road, then pound back a couple of quick downshifts while flooring the throttle. If done properly, so the revs end up near the 8,000 rpm redline, this will blur the scenery instantly, compress your entire spine against the M5's leather buckets, and suction your head seemingly permanently to the high-head restraint.

Our M5 had the executive package, which includes active seat bolsters. If there happens to be a curve in the road while you're tearing around, the seat bolsters quickly move to hold you and your passenger in place. The $6,500 package also includes heated rear seats, a parking assist system and sunshades all around the car, bringing the as-tested price of this unit up to $123,500.

This car tells you in no uncertain terms that it's not meant to be pinky-driven around town by chauffeurs merely looking for the latest BMW status symbol. If you want to drive an M5, you have to be prepared to actually drive it at all times. globeauto@globeandmail.ca

Specifications

2006 BMW M5

Type: Ultra performance sedan

Price: $115,500 (as tested, $123,500)

Engine: 5.0-litre, DOHC, V-10

Transmission: Seven-speed sequential manual (SMG)

Output: 500 hp/383 lb-ft of torque

Fuel economy (litres/100 km): NA

Alternatives: Audi A8 L W12, Jaguar S-Type R, Mercedes-Benz E55 AMG

Like: Barely bolder looks, super-car athletic moves with a huge trunk and four doors

Don't like: Could offer a real manual transmission, iDrive still a major pain and distraction