The primary difference between the M1 and M3 is the issue of auto vs. pump/auto. Whereas the M1 can only be fired in semi-automatic mode, the M3 can be fired in either pump-action or semi-automatic mode. At any rate, both models operate using the inertia-based recoil method, which produces a pretty smooth and consistent feeling when you fire the gun.
Nevertheless, the other small detail you should think about is whether or not you'd like to fire reduced-recoil loads from your shotgun. If so, I'd go with the M3 due to the pump-action feature. Although my M1 does cycle reduced-recoil loads, some other people out there claim to have difficulties cycling such loads through their M1s.
As for comparable quality, the only other shotgun I would even consider ranking alongside the Benelli M1/M3 would be the Remington 11-87. However, having extensive experience with both Benelli and Remington, I would still have to say that Benellis are a little bit more smooth and reliable. On the other hand, the Remington 11-87 is a heck of a lot cheaper than the Benelli M1 or M3. Thus, I guess it all just depends on how much you'd like to spend.