The M8 is under-powered and under-speced! The Grandis is also under-powered and drives like a boat!
Ford no longer owns any shares in Mazda and there is almost NIL chances of any future rebadging between the brands.
From what I know, there are no Malaysian spec S-Maxs in showrooms yet. Will update once I have news
I think the S-Max is a steal at its estimated price but I am sure the car will not sell because Malaysians have poor taste! So I'll just book a 2011 unit in early 2012 with a nice deal thrown in

Ford does own 3% stake. Very minimal after major sale of the stake though but they do have collaboration when they first started the investment at 7%. With 3% there would still be chance of S-Max being sold under Mazda branding especially if there are real financial savings in doing so. This is something remote for now, so I am not considering anything like that when come to making the right choice for me in getting the MPV I want.
Come August, it would be about 4 months later we are entering 2012. Announcing a Ford of that pricing would be subjected to immediate depreciation that can be felt almost immediately when the calendar rolls to next year. Hence like you I am also hoping to have better packaging when they are forced to sell due to the fact that 2011 quarter-end does not spur their anticipated sale target.
I think Malaysians do have some taste but there are hard facts that resale value of the car depreciate a lot and this sentiment affects majority of the potential buyers. Couple this fact with another that these uninformed buyers view these non-dominant car brands would suffer from the difficulty to get spare parts and poor after-sale support, the number just shows when the market announces the car-sale statistic report. After all, how do we explain that people who are willing to depart with around RM 200K of their money would choose recond/2nd hand materials instead of new better car?