Both cars have meth injection and both are on the stock engine internals. The E46 M3 is slightly lighter but the E92 M3 has the quicker shifting transmission. The supercharged car wins this round no doubt causing a lot of turbo E46 M3 owners proclaiming superiority due to peak torque figures to scratch their heads. It's where you make the horsepower that counts in a roll on race and combine a strong top end with a quick shifting dual clutch and you have the result you see here.
It will be interesting to see what happens when built motor E92 M3 S65 V8's go up against built motor E46 M3 S54 inline-6's. BimmerBoost will be sure to make that comparison happen.