As a daily driver, it probably is better than an E9x M3.
The performance limits on the newer M cars are getting awfully high. My Z4MC was just hitting its sweet spot at 80 or so. The newer M3 and M5 are crazy fast. I got to spend some seat time in an E92 M3, but I couldn't drive the car hard enough to even come within sight of its limits. You can't experience the performance potential of these cars on the street, not without taking crazy risks. The only place you can sanely savor what cars like these have to offer is on a race track.
That's one of the reasons I poured a bunch of money into my old E46 and stopped dreaming about M cars. For me, it's more fun to drive a slower car at 7 or 8 tenths than a fast car at 3 or 4 tenths.
That wasn't their argument though. They say it is a better performance car then the M3. Just put JB3 on it and you have around 400 HP out of the N54...........