I was going to buy a M3 prior to the Zed and I made my decision purely down to the place I live, you find alot of pretty well off people in Aberdeen and their brand of choice is the BMW, more precicely the M3, they are absoultly everywhere. If a (E46)M3 passes you on the street people tend not to even notice, however I still find folk staring at the zed as it goes by even though there are a few up here.
Also I am finding that alot of the (E46)M3 drivers are young offshore workers (like myself) but tend to come from Subaru, dissapointed with the new STi they are turning to the M3's, so you see alot of young guys with beanie hats driving them which kind of destroys the exclusive image of the M brand.
I have driven quite a few of them whilst I was in to remapping and they are VERY capable machines, but if you compare the whole experience, including servicing costs I recon the zed is a better all rounder.
Don't get me wrong, my last car was a BM and I pined after the M3 something rotten, but unless someone was going to swap me a CSL or E92 varient I wouldn't have it.
R