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I daily drove a 350Z for almost 14 years before getting my M2c. The M2 is now my only car. I know the 370Z and the 350Z aren't exactly the same, and an M2C and an M2 LCI aren't the same either, but hopefully this should still be pretty helpful.
The M2 has a significantly higher seating position and feels just a little bit bigger, with a slightly longer wheelbase. In everyday, normal driving, I find that it feels less sporty than the Z car. I think part of that is the Z's lower center of gravity, the lower seating position and ironically, its worse visibility. The Z also had a much bigger gas tank, it was 20 Gallons in the 350Z and I suspect its the same in the 370Z. By comparison, the M2s is 13 gallons or so and fuel economy will not be much better in the M2, so you'll be filling up a lot more often.
Despite that higher seating position, the M2 handles quite a bit better. It has very little body roll and will change directions much more quickly than the Z would, even though the wheelbase is longer on the M2. Part of that is the much quicker steering (which admittedly doesn't communicate bumps and pavement imperfections as well as the 350Z steering) but most of the reason for that is the stiffer suspension. The M2 does not ride as well as the Z did, though there's not that much between them in ride quality. Both cars feel incredibly easy and intuitive when it comes to catching the rear end when it starts to slide.
I won't talk too much about engines because that's where the cars we're comparing differ quite a bit, but I will say the 105 hp difference is a lie. Nissan overrates their cars and BMW underrates them. If I had to guess, i'd say there's more like a 150 hp difference (between my '300 hp' 350Z and the '405 HP' M2c)
Interior wise, its a night and day difference. Everything in the BMW feels much higher quality (though i'm aware the 370Z has a significantly nicer interior than the 350Z.) Obviously there's stuff like a modern infotainment screen and satellite radio, but even besides that it just feels like so much more effort went into the M2's interior. The materials are much nicer and everything just feels better to the touch. The Z does have some nice storage options though. No sunglasses holder in the M2, though the M2 does come with...a glovebox, which the 350Z did not have.
The M2 is also a legitimately practical car. I didn't realize just how practical it was going to be until I bought it. The rear seats are totally usable for dudes on the short side or most women. The trunk is legitimately useful and fairly large. The visibility!! OH THE VISIBILITY!!! Changing lanes on the freeway, late at night in the rain no longer scares the shit out of me!
And for me there's also a bit of an X factor. The Nissan Z cars are way better than they get credit for IMHO and lots of car people like to shit on them, which gets old. The M2 is so much rarer and more interesting and I think its rare enough that it wont have that dip in popularity 10 years from now when they're no longer new enough to be exciting, but not old enough to be unexpected and interesting (which is exactly where Nissan Z cars are right now.)
Conclusion:
Reasons to think twice about buying the M2
1. Z car will feel sportier when you're driving slowly
2. Z car has better steering feel
3. Z car has a bigger fuel tank
Reasons to buy the M2 without a second thought
1. It's faster than the Z car
2. Its more practical than the Z car
The M2 is fantastic at feeling chill when you're trying to be chill and feeling crazy when you're trying to be crazy. The Z doesn't do that, it just feels kinda crazy all the time.
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