Some of the "feeling" of faster can have to do with the final drive ratio as well, and the whole setup of the car, not just the engine. I'm no expert on the e46 since I didn't own one. The feeling of fast can be very misleading. The e9x M is so smooth in it's acceleration that I'm often surprised when I look at the speedometer that it's climbing as quick as it is, compared to just sitting back looking out of the windshield.
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