The E92 would murder the E46 around a track. A car can "feel" faster/sportier without actually being any faster/sportier. Especially since you have coils, the initial reaction would be that the e92 is softer.. that doesn't mean its slower. A few examples:
- I switched from RFT's to V12's... My initial reaction was "shit my car feels slow as shit and squishy"... took it to the track and I could get 20-30km/h faster entries into the corners with minimal squeal. Whereas the RFT's made the car "FEEL" sportier and faster it wasn't.. it was just rougher.
- Power delivery is also key - a VW GTi feels faster than my car because of the turbo.. but it really isnt.
Bottom line is that the e92 would rape the e46 as most newer model BMW's usually do to their older counterparts.