In Asia the rumor we have is Toyota would like the turbo technology from BMW. Apparently BMW has something up its sleeves, and their twin scroll turbo isn't as easily made has it sounds. BMW wants Toyota's hybrid part of things, and Toyota has agreed and is going to sell their "first generation" of hybrid things, whatever that means. That's probably where the venture starts and probably where it'll end.
As for co-developing things like a Super Supra (sorry) it'd be nice but these projects will take way too long, of course I hope it can be shorter. I doubt BMW will release much information because Toyota is still a competitor, and I doubt BMW will hand over any serious blue prints because the only goal for Toyota/Lexus IS is to make something (actually exactly) like the 3 series (Toyota said it themselves earlier).... Anything halfway decent BMW will want a set of kidney in front, don't know how that's gonna play out with their new friends in Japan. Look at the BRZ Subaru pretty much made the car, and Toyota puts on the stickers (yeah they contributed but not as much).
I like Toyota, I like the Supra. They can make great cars, they have done it several times, and I think they can make it again. Saruman probably cast a spell on Toyota CEO before to stop him from further developing sports cars like MR2, Celica, Truino, (ok and the Paseo), and Supra (sure there's that cost/sales thing....). I am sorry the rumor we have here is not as much performance oriented, and I don't mind being completely wrong. Yes I think Honda and Toyota need to do something about that GTR while not being bugged down too much by 0-100 km/h times and circles around the Nurburgring but focus on driving experience, if possible. Sorry about not being able to shut it sooner
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The M CEO guy said he can pull 185~200 hp easy out of one liter of engine without much lag, so he'e probably going to double that up with a hybrid anti-lag system. Imagine what 6 cylinder can bring you. (don't think they like the five cylinder layout, har har)