I test drove a brand new M3 LR and P last week, as I'm in the process of ordering one and wanted to decide. The P came first, and I was shocked how smooth and non-harsh the ride was. Point into a corner, and go. I thought I had just been up-sold to the P. But then I drove the LR, and I was again shocked how strong the acceleration pulls. At low speeds, and when overtaking on the highway. It pulls very strong. The LR's 18" MSM4 tires scrubbed significantly more when doing moderate acceleration & turn from a stop, but I'd be opting for 19" tires anyway -- prefer them to 20" for cost reasons, and I like the 19" rims much better than the 20" P rims.
At the end of the day, I do like the lowered handling of the P better, but is it worth 9.5k more? Still debating, but leaning strongly toward LR. I'm not a track guy; I just like a high performing and well handling car.