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I currently drive a 1997 328is and live in Pittsburgh. We have a few bad snowstorms a year here and it is a very hilly area. My BMW isn't a new M3, but it is a rear wheel drive BMW 3 series. From my experience, you will be fine. The new 3 series and M3 have an even better traction control system than my 3 series. Buy a second set of wheels with snow tires and you will have no problem at all. I reccomend Bridgestone Blizzak snow tires, they have been absolutely awesome for me! I'll drive past sliding, fishtailing SUVs that are supposed to be good in snow with confidence using these tires. The traction and control in snow and ice is unbeatable.
Just make sure you wash that M3 a lot, you don't want road salt damaging that beautiful machine!
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