Absolutely fantastic. Not that we in the US can obtain a E46 CSL, but every time I read about the car, I so much wish it was offered with a manual transmission. Yes, I have driven the E46 M3 with an SMG quite a bit (it was my loaner when my car was in for service at my indy for a while). Additionally, my Z4M coupe has the S54 engine with a MT (the only transmission offered) and it is a fantastic combination.
Although I am not planning on trading my M2C for he M2CS, I'm very glad M is offering this car with a manual transmission. Save the manuals.