guitaraholic BMW has it plumed in the EXACT OPPOSITE from what you posted. In the new M3 its small electric to the two bigger turbos. In the N54 and N55 (current petrol engine in the 335I) it's small to large as well. They do have a major issue with the HPFP and there is a current recall going on but it has been done on a gas engine in a main stream production gas application for some time now although in the reverse order that you just described. On a side not and talking about supras's have you seen Chris Rado's 2500hp (you read that right) supra
BUILDS>> THE ULTIMATE STREET CAR: CHRIS RADO'S 2500HP SUPRA - Speedhunters that got a Toyota V8 put in with twin turbo's. Talk about insanity!!!!
After investigating a bit, the N54 uses two small turbos, while the N55 uses a single turbo with a twin scroll. There is a difference between twin turbo and compound. You are partially correct that the small turbo feeds the large, but that is for the exhaust gases only. When you examine it, it seems unfeasable for a small turbo to feed a large (Intake gases not exhaust). Here is why
If the small turbo can injest say 40lb/min of air, and the larger one can consume 80lb/min. If the smaller one is maxxed out at 40lb/min the most amount of air the large turbo will recieve is 40lb/min. However, if the large turbo feed the small turbo, it would look like this
The larger turbo when maxxed out will consume 80lbs a minute. The large turbo considered the "low pressure" turbo. If for instance, it consumed 80lbs/min of air at a pressure ratio of 2. The air is now taking up half the space it once did (approximately). The smaller (high pressure) turbo, will now injest the equivalent volume of 40lbs/min, but given the density is now double, it will be able to injest 80lbs/min. If the large turbo compresses the air to twice atmospheric, then the small one compresses it again (say twice), You will have a total of 4bar of pressure.
Honestly, I don't see an advantage for a gasoline setup, though I have been looking around, and apparently it has been done.
You can see from below the larger turbo is feeding the smaller turbo the intake air. While the smaller turbo is feeding the larger turbo in exhaust gases.
The M3 will have a tri turbo setup, and you are probably correct about the third being an electric.