The specs are where you'd want to look. The M3 consistently performs better in Noise, Dynamic Range, Harmonic Distortion, IMD and Crosstalk. Don't get me wrong, the Beta22 is an excellent performer and a fine preamp but it is both expensive and complicated to build and to me seems like a bit of a waste as a preamp. I mean do you really need a 15W/ch preamp? That doesn't sound like a preamp to me? Also, it's much simpler to implement a gain switch on the M3 which makes it more flexible in switching between preamp and headphone amp duty.
My current plan is to build a balanced, 4-channel M3. We'll see how far I get with that but right now it doesn't look like I'll get to start it before summer time.