UPDATE: Video removed at request of spy videographer. Click here to view.
BMW is hard at work on the replacement for the current Z4 roadster, and a developmental test mule has been caught on video running laps around the vaunted Nurburgring. Despite the heavy camouflage, we can tell from the footage – which seems to follow the test mule around the Ring and into a nearby garage with conspicuous "look at me" accuracy – that the new roadster, due in 2010, will retain the current model's long nose and short rear decklid. Styling is expected to follow the theme set down by the Concept CS unveiled in Shanghai last year, but the real clincher is that the new roadster will feature a retractable hard top. That means it will be heavier than the outgoing model, but will keep up on the marketplace with hard-top competition from above (Mercedes SLK) and below (Mazda MX-5). Follow the jump to watch the video.