The S38 from the E28 M5 is probably one of the best engines that BMW ever made for the M cars. The S54 despite it's occasional maintenance issues was also great and can make some pretty unbelievable power with FI.
For mass produced engines, I'd say the M52 and M54 engines were amazing. Both are pretty rock solid, were used throughout the model range, and produced good power with good economy in a silky smooth 6 cylinder package.
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