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I just bought a 2003 540i/6speed and I can tell you that I do not have the M version although I have the M Steering , Shift knob, and M-Sport suspension.
A black headliner, M-Tech suspension, M-Tech Rims, M door sills are among the things I am missing which is the indication of a true M.
Having said that, I read somewhere that Canada got 2 M packages (M-Sport & M-Executive) where as the states just for the M-Tech.
So maybe I have the M sport, I just think that the car was ordered with M parts.
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