Had one briefly a few summers back to share with my parents for the season. It was a fantastic little car.
Only caveat was the VC gasket leaking and the oil filter housing. got both addressed for $1000 or so.
Put on some later E90 sport package wheels too. Was one nice summer drop top cruiser. Made the right noise and was quite relaxing to drive (it was the Auto)
With some elbow grease here and there, I feel the E30 and E46's are very fail proof BMW ownerships.