At the moment, I have entry level carbon steel tools, and after trying to turn an m3, I realized I need an upgrade. I have seen a lot of different recommendations and was looking into more options. Unfortunately, I have a pretty tight budget. I only turn pens, but turn every material from wood to tru-stone to m3. Looking for about $40 or less. Also looking for an easier way to turn m3 because it looks so good.
Marshall
If you're looking for something around the $40 range, you can't beat Benjamin's Best, from Penn State Industries. I've just received my first ones from them, and have sharpened all three. I also sharpened BB spindle and bowl gouges for a friend of mine, and I can tell you they are labeled M2 high speed steel. I've got several other tools... Doug Thompson's gouges, Crown Pro PM gouges, Pinnacle gouges, and I can tell you that they all sharpen the same. Don't know how long they last, when cutting, but for $40 range, I don't think they can be beat.
I have turned the seal shoulder on my bomb trailer wheels using M2 HSS cutters in an Oland Tool. If you order the HSS cutters with 10% Carbon, they'll cut steel a lot better than the normal HSS cutters. I've cut Steel, Aluminum, Copper, and Brass with those, and they'll cut the M3 without a problem.
All that said, if I had had a little more money to spend at this time on tools, I'd have bought Doug Thompson's. They are the best money can buy, as far as I'm concerned.