The M3 is far from owning a Porsche, Ferrari, Lamboghini or other exotics/sports car. I agree with Tech that its far from the top of the food chain once removed from its particular market (C63/ISF/RS5)
IMO it is the best alternative to owning one of those.
Ive never owned a Ferrari or Lambo, but have owned Porsches and they are just as emotional experience and the GTx cars are about as good as you can get in terms of driving. Know many who own both and feel this way and enjoy the Porsches they own more.