For my money the best comparison gauge out there are the 'Top Gear Power Laps' from the BBC show in the UK. They've got 9 or 10 years worth of times for all the best performance cars in the world and the times are all from the same circuit and driven by the same driver who has done thousands and thousands of laps on that track.
The 350Z touring put up a 1:31.8 ('03 model year so only 292 bhp)
The M3 (E46 333bhp) put up a 1:31.8
Incidentally the RX8 and the BMW 535d (yes that's right, a diesel) put up exactly the same times, all in dry conditions on summer days.
So one generation back the standard Z and the M3 were neck and neck, but the E90/92/93 M3s are a whole new kettle of fish, V8 and a mind blowingly clever traction management system (second only to that of the GTR) cut the M3s time to 1:26.5 for the coupe on a damp track and 1:25.3 for the saloon on a dry track while the 370z (not a Nismo as they don't have them for the UK market) could only post a 1:27.5. For comparison purposes the 2012 GTR posted a 1:19.7 which puts it up in the rarified air of the Zondas, Veyrons, McLarens and Ascaris.
1/4 miling isn't my thing so for me circuit times are the real test, but I'm pretty sure a 2007-present M3 is gonna smoke a Nismo in a drag race too.
But if you see an E46 M3 acting the A-hole feel free to teach that punk a lesson.
One last thought, have all the douchebags who used to drive M3s switched to Audi S4s? If so feel free to take the bait, the S4 only managed a 1:30.9 while the RS5 matched the Zs 1:27.5, but did it on a damp track. And the BMW Z4 ran 1:28.2 but not much chance anyone's gone take you on in one of those as they're only bought by middle aged middle management guys who can't afford a 911 and by trophy wives of the upper managent guys who can.
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