BMW is recalling all E46 M3s built before March 2003, essentially for an engine rebuild where they are replacing the con-rod bearing shells, which may fail.
The official reason is that they have failed BMW's quality assurance test - quite why it's taken this long to discover it is a mystery.
This will mean returning your car to the dealer and on return you will have to run in the car once more.
There is no compensation and BMW is trying to keep it very quiet. Official recall reference is 0011940100.