Yes, in extreme situations the car is most definitely bump-steered - it's not just the steering being pulled out of your hands.
I believe it's part of the "driver alertness pack" that all M3W's are delivered with - free of charge!
But most of the time I find the steering fun and I can live with it - my biggest gripe is the steering arm (especially nearside on my RHD car) bashing the exhaust with a loud clank on bumps where the wheel 'drops'. Better with a passenger as the car settles lower and gives a few more mm of travel before the dreaded clonk. Very fat passengers almost completely prevent the clunk, so I've written to Eric Pickles to see if he needs a new chauffeur.