AS for me, each generation of the M3 cars have its own special place amongst the enthusiasts.
The E30 M3, especially the EVO version is a beast that finds its natural habitat on the race track and has won numerous races. What more with its wide body, 16in BBS rim and that big bad @$$ spoiler made it a true BMW Icon. Not that the E30 M3 is any faster than a Honda Civic Type R or an E90 330Ci, but during its heyday it was a special machine.
The E36 M3 is where BMW attempted to sell more of these cars. Generally this generation of cars are regarded as mild M3s, given the rather sedate looks which made it hard for enthusiasts to separate a normal 318iS coupe to the real beast. However beneath the skin that's where lies the potent inline 6 that in the EVO form, is pumping out 321 throughbred German Ponies which again the mid 90s was a milestone as the first BMW street car that achieved that magical 100hp/liter mark. It was also the first time, a multilink suspension was employed at the rear of which to me, marks the modern BMW era.
When the E46M3 was launched, it was hailed as one of the best cars in the World back in 2000. Everyone raved about it, the S54 engine when reaching the red light district produces better sonic experience than Anna Kournikova and Monica Seles combined at their peak.
There is DSC, usage of composite materials in the front and rear bonnets, 6 speed SMG2, wide body (which was missing in the E36), alumimium suspension arms, shift light indicators and etc. The best of the lot, is of course the CSL
The only downside of the E46M3 compared to the earlier models is the weight, which didn't make it significantly faster than the E36 M3 EVO. In fact the S54 engine is an evolution of the previous S50, of which the engineers bored the block and also used a taller rear differential (3.64 versus 3.23) to improve on the 0-100 times, of which otherwise I think the E36 M3 EVO could be as fast, if not faster.
All together, each to his own but having driven all three cars I would love to have the E30M3 more so for its place in Motorsport history and the looks as well, together with the E46 M3 which with all the bells and whistles made it a perfect car, that have its place as a daily ride and on the track.
Cheers