I've got a 2007 Z4 3.0si Coupe and a 2008 328xi sedan in the garage-- the Z4 on the near side of 90,000 miles and the 328xi on the far side.

The N52 inline 6 engine in both cars is pretty sweet under load, with the torque you get coming in pretty early, especially in the 255 horse version in the Z4. And you can get that power in the 328xi with an intake manifold change and a reflash, I believe Turner, and likely others have a complete kit to do so. The donwsides to the engine are that it likes a new belt tensioner (fairly easy job, reasonable parts price) about every 60,000 miles and it can tick (valve train noise) pretty good at idle until you get it out for a good "Italian tune-up."
The 328xi rides pretty nice, although comparing it to the Z4 sets the bar pretty low. My wife's biggest complaint is that the seat headrests and her pony tail just don't get along. Maybe German cars only tolerate male pony tails!
I get the Z4 out on the track for HPDEs 4-5 weekends a year, and though it's not the fastest car on the track by any means, it's an absolute hoot. Sitting back as close to the rear axle as you do means that when the car starts rotating a little at turn entry, the feeling is exaggerated and it just feels fun.

Compared to the M version of the coupe, I think the 3.0si hits a real sweet spot for the cost of consumables-- rotors are less than $300 shipped for all four corners, a set of good street pads are less than $100 (DTC-60s are not!), and I'm running 17", non-sport package wheels, which saves me about $80 a corner versus 18s. And you get over 30 mpg on the highway going to and from the events.
Tracking the car has accelerated wear on some of the suspension components though-- I've replaced the FCABs and brackets (with the ones for E46s from Tree House Racing) and I found the driver's side front strut bearing ruptured about 30% of the way around one weekend at Putnam Park, so the OEM units got replaced with Ground Control camber plates. After 80,000 miles, the rear lower control arm bushings were pretty tired, so those got replaced with limiters installed at the same time. I've also got a Dinan strut, shock and spring package installed. Front ball joints started making some noise last fall, so new Meyle control arms went in over the winter as well.
I do have to say that the Z4 both before and after the suspension changes is that it's not a pleasant car to drive over bad roads-- the ride gets pretty tedious. The short wheel base coupled with the frost heaves we get around here is really quite unpleasant.
It's also quite small inside. I have a relatively long torso, and with a helmet on, the correct seating position is the one where I fit!
In contrast to the interior, access under the hood is very open. Changing plugs is really easy compared to the 328xi, where access to the back of the engine requires removing ventilation plenums and wiring trays.