Ordered E46 M3 today -- actually not quite an order yet as need to figure out which week, etc.
The dealership checked and determined that I could indeed order Sterling Gray metallic, but in the end I decided I did not want to spend that much money for it, so:
Silver Gray metallic
Imola Red leather
Moonroof, power/heated seats with pwr width/lumbar, H-K audio, xenons.
I also seriously considered ordering black leather/cloth but after taking a hard look at it, decided to go with leather. I would prefer to sit on cloth, but was unimpressed with the appearance of the cloth and also prefer the two-tone effect with the Black & Imola Red interior.
I also spoke to the LeatherZ guys about doing red leather trim in a black interior; basically getting titan shadow and they cover all the pieces with red leather, a la Mrs. Hack's 323Ci. Pretty cool interior, in my opinion.
My opinion on SMG: It does a better job shifting that I can do and it's got some neat features, but I want to do it myself (for fun) even if I'm not as good. Plus I don't want park distance control and I don't want to pay that much more money.
Quoth LMC back when the E46 M3 was coming out: "Nope, don't want one of those; Too much power, too much money, too much fuel consumption. Not for me." Then recently I found myself obssessing over the new Porsche 911 and reconsidered the M3 as a less expensive, more utilitarian (i.e, more usable back seat) alternative.
I hope I can keep my drivers license once it gets here.