Now, this E92 M3 is a 6-speed manual which if the M3 has a poor driver will be at a disadvantage versus the SMG in the E60 M5. A DCT would definitely fair better and it is unknown what tune is on the M3. Clearly not a very strong one or Evolve's own.
The Evolve Stage 2 M5 simply walks away. The car has in addition to the Evolve tune a full RPI GTS exhaust, RPI scoops, and BMC filters. The M3 is only stated to have the "unknown" tune and that it is a 6-speed manual. The video clearly illustrates just how much stronger the S85 is versus the S65 thanks to its displacement advantage.
The M3's weight advantage does not mean too much versus the M5 in a high speed roll where top end horsepower simply rules in this 30-200 mph sprint. I have personally run my bolt on DCT M3 versus a Dinan tuned Stage III M5 with RPI scoops from a roll and the result was much closer with the M3 having the advantage from a stop that the M5 could not overcome. Up top though in a high speed roll, the S85 simply will always have more horsepower as it is capable of 122-123 mile per hour trap speeds with full bolt ons versus about 117-118 for the M3. Assuming great density altitude of course.