As usual, there are distinct visual differences between the stanard E-46s and the M3. These include the wheels, front air dam, slightly different lights, and the new Motorsport mirrors, found on the M Roadstre/Coupe and M5. There are also wider fender flares, and some engine vents borrowed from the Z3 over the wheels (US side impact laws might prohibit these). You can even see the power dome on the hood.
Here you can better see the front side additions. The rear wheels are wider than the fronts, like on the newer E-36 M3s. The rear light configuration is slightly different, and there is still an incorporated rear air diffuser.