The Ferrari will be faster because it weighs hundreds of pounds less, has more horsepower and torque, and it has less drivetrain loss because it's a shorter trip regarding distance and parts to get power from the engine down to the rear wheels. It will also make you feel like you are going faster because of the noise it generates compared to the M3, and the feeling it generates from the engine being behind you.
The M3 in comparison will feel fast, but it won't feel as fast as you are actually accelerating. I felt that my e46 M3 was faster in the drivers seat through the first few gears simply because it was a more raw experience. The e9X is a faster car but it doesn't feel that way unless you are focusing on the speedo.