ignore aerisol guys..he's just trolling...lol.
the new m3 is at least in the same league as an rs4, if not likely better. any knowledgeful car enthusiast or major magazine will agree, so its a mute point.
as far as the 997, i have the choice between a 997s NOW or the new m3 in many months from now and I've decided IM WAITING. the newer car, extrahorsepower(granted a bit heavier), four seats, experience from owning a prior 986, 996 and an e46 m3, and overall creature comforts point me in this direction. now a non-S 997 vs an e92 m3...that's a stupid question if you ask me. price is high, but believe me when i say bmw will create higher demand than supply even at $60k, so pricing is also a mute point. if u think the price is too high, then don't buy it...many will want your position in line.
although not ugly...and this may be a matter of preference, i would seriously take anyone who thinks the new rs4 is truly "beautiful" with a grain of salt.