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Depends.
On the e46 M3, the competition package did offer some very neat features over the standard version. And I'm not talking about the wheels or brakes.
I'm talking about the vastly improved steering ratio and M sport mode. Those two alone were worth the investment IMO.
The shorter steering ratio was very noticeable and convenient both on and off the track. Same goes for the M sport mode, which would allow more "fun" while still not fully engaging the annoying DSC.
Retrofitting either option is a major PITA until this day, 10 years later. In fact, nobody has retrofitted the M mode until very recently.
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