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There isn't even a comparison, E92 hands down is the best M3 yet! and this is coming from someone who has owned the previous two generations.
I've owned a E36, one E46 and now the E92. When I purchased the E46 there wasn't a huge WOW factor, it was just a newer, faster car. It didn't handle any better than my E36 though.
But as soon as I drove my E92 the WOW factor was definitely there. The interior is amazing, the car is much faster, it handles better with more precise steering, its more comfortable, sounds amazing, so much technology that we should have had (compared to 04: no bluetooth, no AUX jack, NAV sucked) and it looks so much better than the E46 in every angle.
I ended up going with the DCT and I couldn't be happier, I actually drove my E46 for the last time last Saturday when selling it and I could not believe the difference. I could never go back to having a clutch. I would highly consider this option regardless of what you read on these forums. I do recommend you get a 09 though if you going with DCT just to be on the safe side as far as software updates.
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