Focus on the details. The shots from the rear of the car in particular highlight how well the rear lights match up with the wheels. Instead of the wheels breaking up the blue, red, and black color scheme from the back they continue it. Notice how the exhaust tips are darkened to match the tires. If one is going to opt out of doing the typical brushed aluminum or chrome look addressing the tips to keep the color scheme going is a subtle but effective touch. Now notice the M5 side vent. It is also blacked out to match the tips. The trademark BMW kidney grilles also are blacked out. The theme is carried through well even through to the window tint and side mirror covers.
Onto the wheels themselves. The HRE center cap is the monogram carbon overlay design. Why not the traditional red accented HRE center cap? It would clash with the red of the rims and this way the center of the rim meshes well with the brake rotor itself. The caliper already comes blue from BMW but sometimes BMW provides the pieces for a theme and you have to put them together. The center cap, rotors, calipers, and rims all work well together. The sidemarker also is colored in to blend perfectly with the caliper and not break up the theme.
Is it too much? No. This owner paid attention to the details and managed to be different while keeping it classy. This is well executed cosmetic modding.