Untuned, dead clutch, dad driving his son's car, motor in bad shape, or ebay turbo setup.
I've ridden in some nicely tuned turbo e46 M3s and they pull a lot harder at freeway speeds than my current M3. If they handled as well as any of its other brothers, i.e. e30, e36, or e9X; I'd consider an FI'd e46. They have the aesthetics going for them.
2013 Mineral White e92 M3 DCT ZCP
2012 Bluefire S1kRR Race ABS QS HG
2008 Sparkling Graphite e90 M3 6spd XXX