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Here is my opinion. I am also deciding between a M2 and M3. Today I finally had time to test drive a M4 (M3 wasn't available) with a 6MT. I also drove a M-sport 2 series for the seats / size check.
I will try to refrain from being repetitive in the praise of the M3/4. It's an amazing car and if price isn't a concern then just go F80 and never look back. A few key points specific to M2 vs. M3.
Size: The M3/4 is huge. There is no way around that. However, with the M3 you have four doors with good passenger space and a useable trunk. It's size is justified if you will use it as a DD and have a family. The M4 is just a land boat and I would never consider it. I didn't feel that the size of the car prevented it from reacting fast or having fun on the streets. Of course the M2 should be more nimble on paper, but I am not using that as a deciding factor.
Seats: Yeah, yeah, I know enough already. However, this was the first time I spent quality time in a Msport 2 series. The seats are acceptable, but nothing to write home about. My Golf R seats are more comfortable, more supportive, and better quality leather. That is not a deciding factor for me and I will live with the lesser seats in the M2. The seat height was very high though (power seats). I hope manual seats are available. I plan on getting no sunroof, but I don't think I would fit with my helmet on with power seats and a helmet. I suggest sitting in a 2 series if you are tall and plan to track the car.
Overall: I drove the 2 series and the M4 to try to mentally imagine what the M2 will be. What I found is that the M3/4 is a lot of a car. Probably too much car for my wants and desires. I will be very satisfied with the speed of the M2 to keep it a little more "fun" without getting too dangerous. I would go with a M3 in a heartbeat if the M2 didn't exist. The idea of saving ~10k on a car with similar traits to a M3 is very appealing and ultimately what is causing my decision for M2. Count me in the group of someone trying to get into a lower cost M car.
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