So today I Dynoed my Z3 at my engineering school! The dyno that was used was MAHA 3000, the teacher said that it gives fairly conservative power figures and that the indicated power from the engine is much more accurate than the indicated wheel horsepower because of the way it measures it. This dynometer measures all the losses occuring between the engine and the wheels independently after the dyno pull (you put the clutch in and keep it in gear) you can see it as the green line in the picture. I also asked about the DMF thing and the teacher said it shouldn't effect drivetrain losses, it simply changes the place where torque will occur.
Sorry that all the text is in finnish, there is a translation at the end of the pictures

I also have an Excel file already made if you want to plot a comparison from it Lambertius!
If I forgot to mention something, ask away!
The mods that I have on my M44 Z3 (156 000 kms driven):
Fogged airbox mod
Fulda Steel 4-1 style collector 2"
2,5" Custom made mid-section pipe
2,5" Powersprint high flow catalysator
2,5" Simons catback exhaust

Exhaust manifold

Dynoresults
Translations:
Normaaliteho, Pnorm = The power from the engine that has been corrected with ETY-norms (so not the real one!)
Moottorin teho, Pmoott = The Engine power
Pyorateho Ppyora = The wheel horsepower (not to be blindly trusted according to the teacher)
Havioteho Phavio = The measured horsepower lost from the drivetrain, wheels etc.
Suurin teho = biggest power @ 6190/172 km/h
Vaantomomentti = The Torque (this is also corrected to the ETY-norms, so out calculating the norms the real torque is 189 Nm)
Suurin saavutettu RPM = The highest achieved RPM