I've raced one. It was an automatic convertible and I won up to 55mph. That's hardly a race at those speeds, but I did win. He was ahead of me by 20mph where he could have pulled in front of me, but by the time I wound out second gear, my nose was about 3 feet ahead. Then we both slammed on the brakes for the next red light behind other cars.

I've driven three M3's, a 2dr & a 4dr manual trans and one convertible automatic like I raced. Although being the best automatic I've driven (also driven a 540i w/ same 5-speed auto) it took a lot out of the acceleration.

If you're out and get a chance to race any M3, try. If the driver is unwilling to drive hard (dump clutch) you've got a chance to keep up. Passing would take a lot of luck and a big driver error.

One thing to note: M3 buyers DRIVE. They spend the extra $10k because they know what the car is capable of and will use it. Most regular 3 series owners want the satus and won't spend 33% more if they can 'get in the BMW crowd' for $32k. Since you can get a 325 with the same luzury features as an M for $10k less, they will be satisfied and baby the precious BMW.