From what I can find, the dynalo runs 50-60mA by default, so less than the M3. I don't think it can go much further, because heatsinking is difficult.
60mA max with heatsinks, according to AMB's website. Still about half what a well-heatsinked M3 can handle.
But yeah, as MPI says I can't account for the sound. I've only heard the M3, and only with a few phones.