You need to convert the signal from the maf to be compatible with the existing ecu or fit a new ecu, either piggy back or standalone.
unichip seems to be common way forward and I'll be doing it myself before long. Karen is your man for more info there as he's got one already on his 2.7
otherwise I've been looking at this:
http://www.carlton24v.co.uk/afmmaf.htm
This is a pic based converter that will work on the standard ecu. the carton in question is motronic 1.5 but I'm sure this will either work or is easily adaptable.
I think somebody on the zone is also looking to start supplying maf kits but I know nothing about that sorry.
As for differences I can't really say much as I haven't got one. I hear they rev freer. From what I can tell maf is "just better". I think afm stops metering at quite a low rpm which means wide open fueling isn't as optimum as it could be... can somebody explain this a bit better as I'm not sure of the exact details.
Anyway mate, hope that gives you a bit of info.. won't be lon before somebody can give you some more concrete info

E46 M3 CSL but dreaming of another E30.