I'm sorry but the only thing the M2 has on the E46 M3 is warranty. Ok and maybe some streetability. I even think the E46 interior wins out with its dense soft plastics, very little creaks/squeaks on well kept cars, dull orange hue to the lights focusing the driver on driving. Great pedals. My only gripe is the slow steering ratio, fixed in the ZCP.
Looks? Not even subjective.
I miss my E46 M3 dearly.