Looks nice, like all E46 M3s, but there are some questionable bits for me, like the front splitter/lip and the wheels. Not so sure I would put nitrous in my M3 (if I had one) either.
All and all, I do think the E46 M3 looks much better than the E92 even if it is "dated." I really did not like the E92 for a while, but it has been growing on me a lot, especially in white. I have found myself lurking these forums for the past few days and finally decided to register this morning.