I liked the rawness of my E46, but I can't get over the improvements the E92 brought. A lot of people are hung up on the classic appeal of the E46, and I understand and get it, but I also fell in love with the overall awesomess the E92 offered.
You are exactly right. The e46 was more raw/nimble and I think they did a really good job refining the e92 that it lost the raw feel. From a performance standpoint the e92 was great. I had the opportunity to attend the 2 day BMW performace driving school and we definitely put the M3 through the paces. Interior/exterior wise I think they fell short. The driver seat lost the cockpit feel the e46 had and I think that is why I like the RS5. The seats themselves were very lackluster in the e92 as well. The same goes for the exterior or the e92. The body lines and bumpers just didn't have the same refinement the e46 M3 had. I did love the hood and the CF roof. I always loved the 2003 M3 CSL.
I see the renderings of the new M3/4 and think it is going to be even worse so I went with the RS5. Only time will tell if I feel the same way down the road.