OK. First of all, let me say this:
Doesn't anyone read any posts before they reply? Look back at my post that has a pic in it. That is a scanned page out of the dinan catalog. in the dinan catalog, they do baseline dynos that are under the column labed "stock". Now look at them closely. Yes that says 394hp. Now look at my second pic, an excerpt from the back of the catalog. It states that all dynos were at the wheels. That should include the "stock" 394 wheel hp. Now put 2 and 2 together and you'll come up with the reasoning why I'm under the impression that the hp is at the wheels.
The other reason I was under the impression that the hp was at the wheels, was that it makes sense.
Example: a 3600 lb 03 cobra dynoed at 381hp at the wheels and ran a 12.8 quarter mile in the july mm+ff. A 3900 lb m5 geared for the highway dynos at 325hp and can still pull off a 13.1? Doesn't make sense to me.
Now, that being said, I am not saying anyone is wrong. Dinan could be lying. I guess the only thing that matters is that the guys on the m5 boards are getting 325hp at the wheels regardless of what any manufacturer or tuner says.
