@ OP: Yes and No depending on either who you ask or the employed criterion for determining legend status.
When one looks at each mass produced M3 model while ignoring model variants, IMHO, all four of the models have created a "legend" status for themselves to some individuals or for the M3 generational lineup as a whole.
Where comparisons or contrasts are made between an M3 and other manufacturer's cars, the legend label is going to be discussed or argued ad nauseum without agreement thanks to varying criteria of a large number of individuals with thoughts on the matter.
As far as "legend" status for the E92 M3 is concerned, I think that it depends on whether legendary is in the context of the car market, car enthusiast demographic or public at a large.
--The fact that there are dedicated M3 forums suggests a level of enthusiasm that goes well beyond ordinary appreciation.
-- The fact that people are eager to discuss or share their experiences with an M3, aspirations to own an M3 suggests the model means much much more to them than what is merely ordinary.
--By definition, that which is not ordinary is extraordinary, and that which is extraordinary may become legendary. You decide at the individual level, but some, like the Car & Driver crew, have already articulated their thought about E92 M3 --
"Every other manufacturer should give up on building their own cars and just make M3's instead." -- C&D M3/GTR/997TT test, summary quotation. One doesn't ordinarily read or hear that sort of praise every day.
