Vanos, why am I not surprised that you came to the defense of the M3
. Both cars are amazing and have a good history.
However, historically, the M3 has been playing catch up in performance. The last year of the R34 production (the Nuerburgring edition) was 2002, and the E46 M3 wasn't even available until 2001. And before that, even the base Skyline has more power than the E30. And I don't believe the E30 and E36 have ever caught up with even the R32's "advertised (>)" 280hp. (Maybe the European version E36 has).
However, you are probably right with the coming M3. Due to the financial trouble, Nissan is having a longer elapse between the R34 and the next GT-R
-- '07 seems like eternity.
I also have to say, I don't think these two cars have been really targeted for direct competition like this -- the E36/46 were civilized (but fast) sports luxury cars and the GT-R's were not. But I bet that's gonna change with the new GT-R. I believe Nissan will have M3 solidly in target with the next GT-R. And they will probably come out at the same time. It will be interesting.
I am a Nissan man, but partly only because BMW's are too expensive. I wouldn't put money on either one. But I know for sure that this competition is a great thing for us.