In the lower end if the E46 M3 driver winds out his car he can stay with and E92 M3 but as the speed increases it's game over. Hardly an ass-rape though considering most of use drive 80mph and below. This was a good display of the E46 m3's acceleration that I watched recently:
Even on the track:
(the guy in the E92 is a bit of a knob but when both cars are on it, one is faster but it's not shockingly faster.
When it comes down to it, neither car has torque and from light to light that's what's king. I think the guy should look at an AMG, less involving but more low-end grunt.