i dont think that u should hold out
first of all
the new 3 will be out like 2006
then for teh M it will be atleast 07/08, and that wil be for teh first year model which is not that good. . . .
and also i dont like the v8 idea. i think you should buy it when its well into the e46 like now or next year. plus price gonna sky rocket. plus get it while its still a nice small i6 not a v8