Overall, I think the new M3 looks better: more dynamic, aggressive, predatory, yet still elegant. There are some minor things I like better on the E46, though: the more upright grille and the lower fascia elements. In regard to the latter, I think the M-sport/Mtech aero kits for the standard E92 look better than those on the M3.
IMO, the E46 M3 looks good, but not remarkably so. And no, not all M3's in the past have been huge leaps forward in design. The E36 M3 was a step backward from the E30 M3, and its differences from the standard E36 were extremely subtle. The E46 M3 added some aggression, but wasn't all that different from the standard E46. E92 M3 vs standard E92 to me is closer to E46 M3 CSL over the standard E46.

Interesting comments from Motor Trend's Angus Mackenzie on Bangle and the appreciation of the E46 design over time:
"Bangle's iconoclastic design strategy -- approved by the BMW board, don't forget -- was a deliberate attempt to move BMW on from a styling vocabulary that many observers believed had grown stale by the launch of the E46 3 Series. (I was at the launch of that car in Spain and well remember my media colleagues -- many of whom later eulogized the E46 as the last of the great-looking BMWs -- complaining it was 'ho-hum, just another BMW'.)"
The top seven auto designers | Editorial Blog at Motor Trend

I won't be surprised when those who were critical of the E92 M3's design sing the same tune when the next-generation M3 arrives. Perhaps the same with the 1er coupe as well. Some people who lament the E46 giving way to the E92 moan about the 1er coupe's stubby profile and Hyundai Elantra-like rear, yet its profile and overall dimensions are not that different from the E46 (which is much stubbier than the E92), and the E46's rear looks even more like an Elantra than the 1er coupe's.

All versions of the M3 are different in execution. Since they are based on the ordinary 3-series the frames are pretty much set. The E30 was different in that respect since it from the begining was meant to be a homologation special for group A race cars... that is not the case of any of the following ordinary M3 models (not couting the E46 M3 GTR). Hence, that first model is rather special in many ways. Not least to me personally.
The E30 came in many differnt engine-versions, most of all M3.

The E36 is by far the palest M3. There is not much to distinguish it from its lesser kin. Two engines was used and the four-door made its first appearance. The sedan is a love/hate kind of car, I don't know why, but people seem to either love it or find it really ugly. Favourite version is the GT, you know, the green ones. Here in Europe we did not get the CSL version.

With the E46 on the other hand BMW adds more to the M3 compared to the standard car. A further step towards the civilised M3 we have got to know. The car is also more beautiful than the E36 M3 - in a sporty way. No four-door this time only the coupe and cabriolet versions that have always been there. This M3 is now starting to get really affordable and its popularity strong. Looking back at the E30 the E46 might be described as bland but the E30 M3 worked with grand expression whereas the E46 was more sublte in communicating its differences compared to the standard car.

The E92 seems to be more the work of an expressionist than was the E46. Again we have bold lines and a very agressive stance. Time will tell if this design will be as celebrated as the past but I think it has a good chance, it is bold and in the same time very straight forward. I think the E92 is the best version so far. The E90 is even more agressive than the E92 but the latter is more complete in its design. I think the current M3 is second only to the E30 M3 and I think that the E30 might get some extra pionts because of its uncompromising ways... not just the fact that it is a stunning piece of design.

IMO, the option "I can't decide" ruined the whole poll.
The purpose of polls, is that you should choose one vote... There should be only two options, and then you could clearly see which one is most popular. Cause at the end of the day, we all can take a decision.

There are those who actually CAN'T decide, really... That option is for them, not for you.

True,true..I´m one of them..who cant decide

I've seen the e92 M3 in red and in blue. It's looks great but it has failed to stun me like the E46 during its prime time. In 10-20 years the E46 will an icon while the E92 will be just another M3.

How do you know this or is it a personal opinion?

Only reason why M3 E46 is going to be an icon is becuase its the last M3 with 6-cylinder engine, not becuase of the design. And if M3 E46 is going to be iconic then its M3 CSL.

I really like both...

This is hard. I love the new one for its performance but I love the E43 for its looks, I'm not too sure on the E92, it's not aggressive enough but apart from that it's a great looking car, i'd just choose different wheels for it.

Soo I'm goning to have to go with theee.... E46 I love those rims and the looks even if it is old

And that's why we have different opinions. My experience was totally opposite to yours. Not only did I think the E92 looked more aggressive, with those huge wheel flairs and hood bulge, but the sound set it off for me.

Keep in mind, this was back in July 2007... most of the world hasn't even seen this car in real life. The sound of the engine being revved made the rest of the day at work completely useless.