If you are looking for performance without all the attendant warpaint or 'look-at-me' features of many so-called performance cars, and you need 4-door saloon practicality, then this may be the answer. Not as quick as an M5, of course, but cheaper, quieter, less thirsty, plus an automatic gearbox (there are a few manuals around too) - and in a body that is elegant (especially compared to the new model) and understated.
The interior is also much more pleasant than the avant-garde new version.
The power delivery is smooth and refined, rising to a pleasant V8 growl if you really put your foot down, and you'll have little trouble keeping up with the traffic. The auto gearbox has a sport mode that delays up-shifts, and a semi-manual mode where you pick your own gear by flicking the gear knob forward or backwards. I use the sport mode for extra acceleration, e.g. when pulling onto a motorway, but only go semi-manual when I'm bored. Standard mode is fine most of the time.
Regarding fuel economy, 25mpg average / 33mpg on a motorway cruise is not exactly frugal, but pretty impressive for a 4.4V8 with 286bhp. Fuel costs may be a problem, though, if you are a high-mileage driver.
Apart from the M5, this was the top of the range of the old 5 series, and likely to come with plenty of comforts: leather, CD, cruise control as a minimum, possible electric seats and TV / Sat-Nav if you are lucky.
I'd recommend buying from a main dealer. Obviously this costs more, but the warranty is excellent (it even covered me for a new battery) and worth it for the peace of mind. Moreover, the initial depreciation is always high on the bigger, thirstier models like this, and you can get a real bargain on a 3+ year old model, even at main dealer prices.
Overall, I've been delighted with my purchase. A shade more rear legroom and it would be near perfect. Highly recommended as a 'Q' car.
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