E46 more fun than E92
...Ok, not really. My new E92 M3 is amazing, but almost every time I drive it I wish I was behind the wheel of my E46 ZHP. I guess it all depends on how you define what makes a better car though. The E92 is definitely faster around the track and it is dangerously fast on the street, but I generally have 100% more fun driving around the E46 (although, maybe I've just been missing the E46 though because its been at my buddy's shop ever since I got my E92).
Don't get me wrong, I'm extremely happy to have an E92 M3 with M-DCT, AST coilovers, AP Racing BBK, Akrapovic exhaust, Volk TE-37 wheels, etc. It looks, feels, and sounds amazing. It all comes down to the amount of effort involved in driving the car to the point of having fun. In my E46, having fun regularly involves riding the car at the absolute limits of what the car can deliver whereas it is often times extremely difficult outside of a track (and even on a track) to find a place where the E92 can really be pushed all the way to the point where you're at its limit. There is something that is just fun about burying your foot to the floor and having the fun last longer (slower)! A nicely set up E46 delivers this whereas the fun is over almost before its even begun with the E92.
Maybe I'll change my mind as I get to know the E92 a little bit better, but just figured I'd through that out there for anyone who has wondered what its like comparing the different generations.