Of course it would've been fair if you also included an option D. "Both are gorgeous"
The E46 M3 is a classic already. Particularly in CS and CSL guises. I really love that car in Steel Grey. However... I have to say that I am utterly captivated by the E92 M3. It looks so fine in white (my favourite colour as you all know) and it has sense of purpose and aggression that is somehow non-existant in the current bog-standard E92 Coupe. It's amazing what a subtle bit of M-fettling does for the looks of the E92!
I can't wait for the CSL with its bigger rear gurney spoiler and carbon-fibre bits on the body work!