SMGII absolutely rocks.
You can drive it as smoothly as any manual/automatic if you get to learn it.
Do not listen to the haters about SMGII.
I have had my car since mile 02 (at 50K now) and SMGII was ahead of it's time. Wonderful transmission.
Search for Sebring M3 on youtube... first hit, that's me.
E46 M3 should be a more fun car to drive if you care more about handling and road feel than you do about stoplight racing.
E46 M3 barring rod bearing failures seems to be a pretty reliable car.
Subrame issues... yeah... gotta pay attention to that one