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.
2012 Bluefire S1kRR
2008 Sparkling Graphite e90 M3 6spd