Looks like an Active Autowerkes Turbo kit is in the making for E46 M3's. Turbo E46 M3 teaser at the end of that vid.
For more power go Turbo, for instant power go Supercharger.
Remember Turbochargers will have minimal lag if mated to an appropriately sized engine. Although Tubo applications are alittle more picky and require more maintanence they will provide the greatest output where it matters. If you are looking for an everyday driver or roadcourse killer, a high HP Turbo application is not for you and an SC is. If you are a 1/4 Mile Drag Monkey or Dyno Queen then spool away with a big Turbo.