Well I'm replying to my own post, but someone else might want to know too.

The sled serial port is definitely a DCE. i.e. it transmits on the RX pin meaning a straight through connection to a PC but a null would be required for connecting to most serial type "peripherals" in the car.
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Christian
#40104192 120Gb (no longer in my E36 M3, won't fit the E46 M3)