Wow. Lots of former E46 M3 owners. I had one too and I had a 993 after it. While I haven't tracked my 997 yet I did lots of trackdays in the M3 and the 993.

Based on those two experiences the M3 has a lighter feel mid corner but the 993 was faster than my M3. I find the 911s are better and faster when you wring its neck out. Use the excellent brakes to go faster into a corner then use the rear weight to get on the power sooner.

FWIW-I had a friend in a Moton prepped M3 on the track with me and my 10 year old 993 would gain on him mid corner.