I never thought I would be saying this (as I like the e46 styling), but in that picture and both cars being in that dark of a color, I would say that the e90 looks much better than the e46 ZHP front that angle. The e90 looks more aggressive and looks more muscular (or fat if you will) due to the higher beltline and thicker rear end, thicker A/B/C pillars, etc. Perhaps in a lighter color the e46 ZHP would look better, but the dark color really hides all the lines and curves (or lack thereof), of both cars. Again, this only applies to the front angle, not the rear or the interior which I still prefer the ones in the e46s.
PS: The cars are not very proportionate to each other either, as I don't think the e90 will look that much bigger than the e46.
13 535i M-sport
11 MB R350
04 MB E320