I am also very interested in getting a couple of M1015 since they supposedly work with drives bigger than 2TB.
When you say it needs 8x you mean it has a 8x connector right? Just because it does doesn't usually mean that it needs 8x electrical to work. I haven't used any of these cards but I think it's pretty much in the PCIe standard that any card should work with any number of lanes available as long as it fits physically.
I personally think that using the M1015 in a 4x electrical slot (8x or 16x physical) shouldn't cause any performance issues unless you are using SSD's. 4x PCIe 2.0 is 2GB/s which should be plenty for any 8 mechanical disks you put on the card, sure if you use a SAS expander and hook up 64 drives to the M1015 then it would probably be wise to have it in a 8x electrical slot :)