well 46k is at pretty much decked out. and yes, that maybe a high price, but that's the price bracket for the likes of mdx, volvo's ?90, lex's rx330 etc. the base model may start under 30k, if the 325 base is any indication.
and for those looking for a more car like suv, which is what that class represents, i'd imagine x3 would prolly win the handling battle. besides, not everyone *gasp* appreciates the harsh ride, tight control of m3, and might opt for a cushy, and higher vantage point offered by a car in a similar price range.
and one last point, there maybe no place for the caynne turbo, but just like the 4.6i x5, there will be people that buy a 3ton suv, just to go real fast on the pavement, stupid? perhaps, but it's their money, and manufacs will make whatever will improve their bottom line.