Indeed, E55 V8 kompressor uses almost as much fuel as the small M3 - but not really, slightly less. CO2 (Carbon dioxide) is measured as a funtion of fuelconsumption.
A kompressor V8 with 476 hp uses less fuel than a R6 with 344 hp in a heavier car! But Alpina is even more impressive with it's nautilus radial kompressor in the B5.

I don't know one engine that is around 500 hp in a saloon and is this efficient.
C55 CO2 286g/km
E55 CO2 310g/km
Alpina B5 CO2 294(!) g/km
M5 CO2 357g/km
M3 CO2 323g/km
BMW own 545i V8 engine: 333hp CO2 264 g/km
BMW M3 R6 engine: 344hp CO2 323g/km
Alpina B5 sets the standard in this class, better than the V10 M5 and better than E55! The 545i from BMW really show what the people at BMW is able to produce, a masterpiece with a far better efficient performance than the M engines. Alpina took the step BMW should have made in the first place.