I am looking at getting an E46 M3 within next couple of months. My brother had a couple of Scoobies and had rebuilds on them both. Yes they were absolute animals, but they did lack refinement. Plus every chav and his mate seems to be ragging a Subaru about these days, albeit not P1's.
Also, I had a 94 NA for 3 years and loved it. I changed it for a facelift TT6 because I wanted more power etc and the difference between the two was amazing IMO. Felt like a totally different car, could not stop driving it, best car I ever had.
Good Luck with ur choice mate
Gaz