Interesting that you raised the E36 M3. As I come to the end of my ownership of the E46 M3 I have reflected on the experience versus my earlier E36 M3. While the E46 is a more "substantial" car in some ways I have never quite felt the same visceral thrill as I did with the E36 M3. Perhaps I have just gotten spoiled over time, but I remember more of a daily thrill with the E36. It was more raw, better handling (noting that I have the convertible E46). I think my E36 M3 was my favorite car to date, including an S4, a CLK, and the E46 M3. Don't get me wrong, the E46 is a blast.

I suspect the Cayman S will supplant the E36....we'll see.