The M3 exhaust is much noisier and it is very raspy. The thing is, the ZHP models still follow the strict emissions laws, whereas an M3 w/Sport mode engaged, does not as much.
Two things justify the M3 exhaust for me:
-When you're in the car, you mostly hear the engine
-The engine/exhaust system is pushing out 104 horses per liter, so it can sound however the hell it wants
Btw, I have a really nice video of a Ferrari 360 Modena driving away under hard acceleration and it is very raspy just like the M3, so BMW is definitely doing just fine with their M3 exhaust.