Just got back from the first track day in the E36 M3. All I can say is WOW.
It felt like I was driving a go-kart compared to the E92 M3 or C63. It simply stuck like glue. It was very visceral and raw. I could feel and hear everything the car did. It was incredibly neutral and was hard to get it to oversteer or understeer. It simply went where I pointed it with ease. The steering was precise, little to no body roll, incredible grip (this was on Dunlop Star Spec street tires and it still had incredible grip).
Heel toe is much easier in the E36 than the E9X and I was faster today than I have been in either my E92 M3 (DCT or 6MT) and my C63 coupe. I actually started to change my driving lines as I could MUCH more aggressively dive into corners, brake later and harder and get back on the gas much, much earlier. The E9X M3 and C63 are fun track cars but this little car is just amazing. It was by FAR the most fun I have ever had at the track. I'm out again next Thursday
Anyone who is on the fence about a track dedicated car, just go get it. You worry less (the investment at risk is much lower), you are incredibly connected to the car, safer (roll cage, 6 point harness, hans, fire system), and faster than you would think. The E36 M3 is simply an amazing track car with balanced and predictable handling, huge braking, decent power and incredibly direct and communicative chassis. If you can't tell, I'm happy