All IMO, but
E46 m3 is a better drive
Has better engine in terms of what it's been designed to do. It just seems a more frantic experience than the 4.0v8
The e92 is too heavy
The e46 IMO is legendary especially thanks to the CSL version. The e92 just isn't as special. I'd still own one though, but more so on looks and status than the actual drive.