I traded in my '08 Z4MC for an '08 E90M three years ago. In terms of performance, the M3 was better in every way. Straight line, twisties, braking. All that with everyday usability, minus the abysmal fuel economy. The thing that surprised me the most was how well the M3 handled, with a less punishing ride. Also, the shifter was 10x smoother -- no 1-2 notchiness or difficultly downshifting into 2nd.
That said, the Z4M was more edgy and fun to drive. It turned heads everywhere I went, and it was cool having the last performance-oriented NA inline 6. As glorious as the S65 V8 is, there's nothing like the growl of a BMW inline 6.
Anyway I sold the M3 and now I'm looking for a Z4MR. Yes I'm a giant contradiction