My E46 M3 coupe was one of my favorite cars. While I didn't drive them back to back, my M3 felt noticeably faster than the 987 Boxster Ss I have driven. When the M3 came out Road and Track tested it and brought along a 911 and Corvette to compare. They considered the M3 to be a sports car.
I personally prefer the styling, better steering and shiftfeel, and better handling of the Cayman S. If you need a useable back seat or want more power, the E46 M3 is a great car and the new one should be even better.
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