Lmao, not even close.
Why anyone would is absolutely unfathomable. There's nothing explicitly better about the S54 (less reliable in multiple ways, less performance, weighs more, sound isn't even in the same league).
The only reason anyone would prefer the S54 is if they have an obsession with the E46 M3 and the nostalgia associated with it.
And the S54 having better torque figures/powerband than the S65 is misinformation as well.
These two charts seem to be from the BMW press release documents.
E46 M3
http://www.automobile-sportive.com/g...powergraph.jpg
E92 M3
http://www.blogcdn.com/www.autoblog....e_curve450.jpg
It actually looks like the E92's engine is making more torque at every RPM zone. At 2000 RPM, the E46 is at 290 Nm and the E92 is at 330 Nm. The curve also seems flatter for the E92.
They both start around 260 Nm at 1000 RPM. The E46 hits the peak at 4500 and the E92 at 3500, the E92 also has less dramatic of a drop off after peak to it's lowest tq output at redline vs the E46.
This means that the E92's engine is making more torque everywhere, and peaking lower yet remaining steadier longer. So, there's really no merit to this claim of the E9X not being torquey enough then vs. the E46 - it's superior everywhere in the revband while having to pull less lbs/tq:
The E46 M3 moves 13.2 lbs of weight per lb-ft of torque whereas the E92 M3 moves slightly less: 12.3. The E46 should be even slower to drive. That's for both manual transmission equipped cars based on Car and Driver figures.
S54 = overrated.