[DVC]

After driving the M235i again yesterday, I have a renewed enthusiasm for the M2. The car I drove had passive suspension, LSD and 6MT... and the combination worked very, very well. I covered mostly windy (bumpy) back roads, and I was surprised that the suspension was firmer than expected. Overall, this is an excellent road car.
If the M2 turns out to be a firmer, faster, more solid version of what I drove yesterday (which I've no doubt it will), then I will not be disappointed.

As for whether the M2 will be a modern interpretation of the e46 M3, I absolutely think it is. Marketing BS aside, to me the M235i is the closest feel to the e46 M3 that I've driven yet... I think with some extra HP and f8x suspension, it will feel even more similar.
The M2 will not be as light as we'd like, but as others have pointed out, the e46 M3 is no lightweight either... especially for 14 years ago. And the hydraulic steering on the e46 M3 was far from perfect; in it's day, it was bitterly criticized compared to the e36 it replaced. Even today, many of the race drivers I know (granted, they're e36 guys) regard it as the low point in M3 steering feel.
Personally, I LOVED the e46 M3, but I think the M2 will be better in so many ways.