I strongly suspect M3 is going to arrive sooner rather than later.
M2 Max & Pro will still be more powerful than M3, so MacBook Air 13 & 15 having M3 will not eclipse MacBook Pro 14 & 16 in terms of performance. Neither will an M3 iMac eclipse a Mac Studio Max or Pro or M2 Pro Mac Mini.
But M3 will make MacBook Air and iMac even more appealing in terms of performance for the money. iPad Pro will eventually get M3 and iPad Air will get M2—good machines getting even better. Seriously the now lowly M1 MacBook Air is still a killer device for the money and arguably Apple’s best bang-for-the-buck computer. Even with it’s now four year old, and still cool looking, wedged chassis design it makes pretty much everything under or near it look like a joke. The current Microsoft Surface looks ridiculous next to the M1 MacBook Air.
I think M3 sooner rather than later is a sign of Apple getting back onto it’s intended update schedule. M2 wasn’t so much a stopgap move as much as M1 going longer than initially planned due to Covid induced delays. Hence widespread use of M2 being shorter lived than initially planned.
I was initially critical of Apple making the MacBook Pro 14 & 16 so expensive, but in light of what we’ve seen of the baseline M1 and M2 it now makes sense. The MacBook Airs with M1 & M2 are now capable of “pro” level work to a large extent—that makes them truly versatile devices that can fulfill the needs of most mainstream and general pro level users while the MacBook Pros are aimed at heavy pro use. And while there are powerful Intel machines to rival Apple’s M computers Apple looks really attractive with the convenience of significantly longer battery life and cooler operation.
I can only imagine what the eventual M3 Max and Pro will be like.