I've shopped for 3 series and Evos many times. Not a E46 but a E36 was my other choice. Had sold my 2003 S2K and needed a back seat. Good luck finding an unabused Evo. I looked and looked for a relatively stock one for 6-9 months locally but they were either obviously run hard and de modded to look "stock" or were highly over priced in good condition. E36's were cheaper but looming repair costs scared me away. I'd feel the same way about an E46 with miles on it now. Unless you're a mechanic, it's something to consider.
As far as driving fun is concerned, an Evo IX is awesome. So much pull and very tight responsive handling and steering. However it's based on a Lancer econobox and is pretty noisy and rides rough as a result. Crappy plasticky interior but has great seats and driving position. If you want serious reliable power for not much cash, it's hard to beat an Evo-any year. AWD is another plus.
Don't know enough about E46's but it's going to be a much nicer car to drive around for a daily. Quality materials and a classic 2 door coupe shape-beautiful cars. Best ask about possible repair costs. At least in the States, any German car costs much more to maintain and repair especially electrical problems. Might not be an issue where you live.
Sometimes when buying used cars, I end up with whatever car has the best background. How it was maintained and by whom. Best to know an owner. Buying a used high performance car from a dealer can be risky. If it looks iffy-fried tires, spent brakes anything questionable-I walk away.
I couldn't find either of my dream cars used to my satisfaction and ended up buying a brand new Evo X in Dec. 2008. After 0% financing, it was about the same cost as a really nice Evo IX but with a warranty. Great car, no problems since I took ownership. Plan on keeping it a long time. Good luck on your search.