Just had a nice little acceleration test uphill against a new M3 (e46) tonight. Just coming home when I noticed what I thought was a new M3 right on my butt. I stepped on it and so did he. I redlined it in 2nd and in 3rd before we caught up with some traffic and had to slow down. Wow. Gotta say those things are quick -- not like the //M Coupe isn't. He was on my tail the whole time. On an open road I'd say that the e46 would take me, but hey, find me an open road where people can race legally.
Makes me kinda wish I had a supercharger/turbocharger in my car now.