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The E39 M5 is a quick car and is easily capable of low 13's. Obviously, one slight mistake in shifting or launching - the IS350 will walk it; but since he is a good driver, I'm afraid the M5 would win by maybe a car length or two. Let us know anyway
I've already been there done that. Last gen M5 at a stoplight. It started off pretty close but with every shift he fell a bit behind. We could only go up to around 60 though since traffic was ahead. By the time we had to slow down the front of his car was at my rear bumper. All I can say is go for it. You're definately a match for him unless he shifts PERFECTLY.
I think you should take igofast along, while we do tease/lecture him about the way he drives, i'll bet he can do a perfect no tc/vsc launch from all his PRACTICE~. Seriously thou, take him with you.