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I found out why...
The US didn't get the Euro 286 bhp version, or the later 'evo' 321 bhp version.
No wonder you guys hate it so much !
What I have heard is that loads did feel that the 286 bhp was a bit overweight compared to the E30. Also heard that most people who felt that way loved the 321 hp version as much if not more than the E30.
By the way found the information in this book - 'BMW M-Series' By Chris Rees, it's good book if you want incredibly biased info on the M cars (biased in that BMW could do no wrong). It doesn't cover the E46, but I'm sure a later edition will.
E30 is still cooler tho, 'cos it's no where near as common.
Radar
88 M3 ... in London