As has been said - E46 M3's don't usually get used as daily drivers.. so you don't see too many high mileage examples.
S54's need to be well taken care of...
Miss an oil change and whack the motor, and you'll wound up with spin bearings and a stuffed crank.
Cooling system stuffs out and you overheat the engine - guaranteed to collapse the rings and most likely crack the head.
Miss a shim adjustment service, and you're in for a head / valve train rebuild not too soon after that.
Bearing recall not done on a Pre-Facelift (remarkably common unfortunately) and it cooks the crank once the new owner flogs the hell out of it.
That being said - replace the oil every 10-12000 km, make sure all maintenance is performed as per schedule, do some preventative maintenance (replace bearings after 150k km, just to be safe, do the VANOS, etc) observe the warmup sequence religiously, etc... And there's no reason the motor shouldn't last for 250k+ km, provided you also don't rev it like a rental day-in and day-out.
A mate of mine sold his E46 M3 with 240k km on the clock... My previous E46 M3 had 220k km on the clock when it got jacked, and it went as well as the day it rolled off the assembly line.