Unfortunately the pricing in the increased pricing in the US is due to the weaker US dollar Internationally, if you look back when the e46 M3 was released, the US - EURO rate was about 1:1.
Now you need to pay $1.31 for each EURO. This is a 30% loss and therefor for BMW to pay their workers and get the same money back, they need to increase the price by 30%.
On a positive note, the US dollar is improving lately and hopefully this trend will reverse.
In Canada this is not the case, a good example is the new M Coupe, the M Coupe is Canada is $5000 cheaper than our e46 M3 in 2006. In the US, the M Coupe costs almost $5000 more than the outgoing M3, that's a $10,000 price discrepency.
Again, unfortunately there is no way to make this sound any better, the positive way of looking at this is that in Europe they are still paying more than we are here, so our BMWs are still a better value.