i'm going to reserve comment until i see the finished product, but i have a feeling it's going to take a long time to be accepted as a good looking car, much like the E65 is, just by reading what you guys are saying. The E46 is a damn good looking car and an aggresive one at that.
What i am looking for is a stern front end and a pissed off stance. Something that says don't fuck with me while it's sitting still, and something that inspires nervousness in the person whose rearveiw mirror is being filled with the grill and stare.
Granted the M cars have pretty much all looked like sleepers, however the E46 M3 was a bit of a mold breaker in it's appearance. If you look at the two recent M5s, and the E36 M3, first glance doesn't reveal anything special unless you know what you are looking at.
Given the bar set for future M3's by the E46, the E90 is going to have to pull off a miracle of a compromise between the two styles. One that i don't know if the designers can really pull off just yet.
Now the E90 M3 Sedan, that really doesn't have too much of a bar to live up to since the last 4 door M3 was the E36, which in itself was a brilliant sleeper for it's day wether it be US or Euro spec.
I have a very good feeling though that the new V8 will make up for the styling shortfalls, and will be furthur backed up by the handling charachteristics. Hopefully they will have solved the over-dampened/under-sprung set up that gave the E46 it's harder ride. The double pivot front suspension is greatly going to help out as it has already proven itself to do with E90.
In any case, beauty is in the eye of the beholder, but performance is undisputable