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2 completely different cars, the onlything the same about them is the badge. If you need a larger luxery family car with some oompff then the 550i is a good bet. If you have plans on "spirited" driving witha better driving experience then the M3 is your car.
I would assume that since you are comparing these 2 cars that are in 2 different classes, that you don't really have a clue as to what you are looking for and have some money to burn. Test drive them both extensively, write down on a paper what is important to you in a car and grade them each on a scale of 1-10 after you havd driven them.
As far as being "outdated" since this is so far and probably will be the only iteration of the V8 M3........... it will never be outdated and will more than likely be worth more on the open market than the new M3 in certain circles. E9X M3 will be a classic, the F10 550i will not.
Just my .02 cents
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