It's just vinyl or the Alucorp chrome paint (which is what that BMW was). there are a LOT of cars out there done this way. Doesn't affect performance in any negative way, so it can't be called "ruined." Just different.
[img]http://www.**************.com/news/2003/01/04/152241.1-lg.jpg[/img]
(that one was actually the bare aluminum skin that was polished)
It's certainly striking in person.