although i didn't trade my 911 for the m5, i have previously owned a 996 c4 and a 996TT. as you would suspect, the m5 is nowhere near as nimble, but it is straight line fast and can fit 4 adults very comfortably.
at the time i had an e39 m5 with the 911's. that was indeed the best of both worlds. when my 2nd child was born 2 years ago, we decided that the 911 was not practical and opted for a couple of sedans.