im on the fence about this issue. before i felt strongly that the M3 should stay a coupe, but now im not so sure. BMW invented the sport sedan niche market, and an M3 sedan would pretty much be the epitome of said market.
for me the problem was that the E36 M3/4 only had 240hp stock compared to euro versions of the same car, and some came with slush boxes. that just ruins it.
my problem with the current E90 M3 is that. . . the E90 is fugly. . . IMHO of course.