The M3 is not faster because of the HP. Emmys have a complete different setup and therefore are in a league of their own.
You can't beat an M3 with any regular E60, if the driver in the Emmy knows how to use his beast.
If the driver of the M3 is not experienced you have a chance to keep up with him. Maybe you are able to beat him if you are a good and experienced driver and he is a bad driver.
But again, you can't compare the Emmys to regular BMW's. They are something special!

When I was test driving the 6series I easily beat an M3. But the dude was very young, didn't know how to use the car correctly and he was looking at my 6er... If this kid would have had more knowledge about his car and the will to race me, I would've been in trouble.