Nope... Convenience has nothing to do with it, and the US E92 M3 isn't detuned from the European version as it was with the E46.
The difference comes down to the conversion factor being Mechanical Horsepower (where 1 hp = 746w) vs metric horsepower (where 1 hp = 735.5w) which makes for roughly 1.4% difference in stated horsepower figures.
309 kW = 420 metric Horsepower (or PS) = 414.4 mechanical horsepower.
My explanation is over-simplified - here's the full low-down.
http://en.wikipedia.org/wiki/Horsepower
Oh, and incidentally - the US E46 M3 made 248 kW due to the revised emissions controls - only 4 kW less than rest of the world 252 kW M3's.
343 PS = 338 hp for rest of world cars.
338 PS = 333 hp for US cars.