Car will sit ~1/2" higher. Given how we all obsess about 1/16" of rake angle and whatnot...But if you scrape the front of your car constantly, that 1/2" of raised height may help.
Acceleration will feel sluggish, because now your drive wheels are ~4% larger. Meaning more mass moved away from the center of the rotating mass.
Speedo will be off significantly. Although, since BMW speedos are already ~5-10% slower, this may actually be an improvement.
I wouldn't do it on looks alone. That 1/2" raised ride height will make your Z4 look like a 4X4.
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