rsand - the Z3M, like the M3 of the time (E36) doesn't have traction control (I know, I own one - an M3 that is).  They do have ABS though.  Whilst ABS can extend braking distances in some situations, the ability it gives you to steer around an obstacle whilst braking hard is a huge safety improvement.  It undoubtedly saves countless lives.

btw, did you know that, also contrary to popular belief, it's safer to have less worn tyres at the rear than at the front, regardless of which are the driven wheels.  See here:

http://www.michelin.co.uk/uk/auto/auto_cons_bib_pqr_neuf.jsp

Michael.