I previously drove a E36 M3 on the track, however today was my first day on the track with my E92. All I can say is wow. What a car. I'm extremely impressed and so are the instructors that rode with me. The engine pulls like a freight train, the brakes are unbelievably strong and are a good match for the never ending power from the engine. The handling/cornering is rock solid and very neutral. Just a slight bit of understeer, but that can be controlled. I'm used to running on R-compound tires and therefore the PS2 while very track worthy becomes a slight limitation on the track, just as any street tire would be.
I ran in M-mode with MDM, S-5, Sport pedal, sport steering.
I'm running Thunderbolt raceway in NJ. I did experience the no downshift issue with the DCT. It especially happens at the end of the front straight where I brake from about 125-130ish to about 60 or 70. It would simply ignore my requests for a downshift. However, after turn-in, while cornering near the limit of adhesion it would let me downshift. Luckily, the downshifts are so smooth that downshifting in a corner does not upset the chassis at all. Seem strange it won't let me downshift in a straight line, but it will in a high G corner. At the end of the back stretch, it usually let me downshift 4-3 at the end of that straight, I didn't get ignored on the backstretch much. Backstretch braking is from about 110-60ish. I don't know why it didn't do it on the backstretch but almost always on the front stretch.
The only other issue is the brake pedal is a bit soft. I know it can be fixed by bleeding the front brakes. However no loss of brake effectiveness, I simply let the brake fluid get too hot.
It's a great car, very, very fun to drive at 9 to 10/10ths.
EDIT 8/26/08: Here's the link to the video from the weekend, posted in the video section: http://www.m3post.com/forums/showthread.php?t=166409