i was contemplating the same thing for awhile. i actually still am. i currently own a e92 m3 and i love it but its not something that i can use to commute to work. my commute is usually 60-120 miles a day so i use it as my weekend car. i wanted something a little fun that i can use for those long commutes because those drives are really boring. i tested both out and i loved the e46 m3 a lot. i still want one but its probably not reasonable and the wifey wont is stuck on getting a prius or some sort of hybrid as our dd.