ipfwadm -F -a masquerade -S <internal ip>/24 -D 0.0.0.0/0
The keyword "masquerade" may be abbreviated, even to just "m".
Masquerading is just an extra policy for the forwarding firewall.
I understand the -M flag causes most of the confusion: this flag
is only used for listing the current masquerading administration,
as listed in /proc/net/ip_masquerade.
The rules that define which connections should be masqueraded are
just forwarding rules.
-- -- Jos Vos <jos@xos.nl> -- X/OS Experts in Open Systems BV | Phone: +31 20 6938364 -- Amsterdam, The Netherlands | Fax: +31 20 6948204