The S4 has the Stage 2 software, AWE-Tuning intake, BCS Automotive exhaust, AWE-Tuning pulley, Evolution Racewerks charge cooler separator, 104 octane race gas/map, and spare removed. The E92 M3 has an intake, X-pipe, underdrive pulley, axle back exhaust, and some race gas mixed in. What the M3 really needs is a tune though.
The race is filmed from the exterior which is a bummer but it still shows what happens. Definitely impressive how much quicker the B8 S4 can get with some bolt on's.