Faults:

At the moment - in the process of fixing faults left over by its previous owner...

Rattling DISA (inlet manifold) flap, resulting in an unpleasant rattle at idle - now fixed (£140)

Cylinder 4-6 maniverter (Manifold/Catalytic converter) element coming loose and rattling at normal engine operating temperature, causing the engine to sound like a diesel at tick over - in the process of fixing (£300 for the cat plus fitting)

2 back tyres illegal - replaced, but can hardly classify this as a fault, more wear and tear.

Gearbox, gearshift fault - apparently a known problem on BMW's made from 1997-2002, gearstick rests on 5th gear side of gear-gate when at rest, meaning slight left hand pressure is required to change up from 2nd to 3rd/4th.

Engine required an oil service - seemed to be consuming an excessive amount of engine oil, but has since calmed down.

General Comments:

The car lives up to everything that has ever been said about the E39 BMW (or certainly has the potential to!)

I've not owned mine long enough to pass real judgment, but initial impressions are very good.

Great handling (for a tub!).

Awesome performance.

Gadgets galore (cruise/sat nav etc).

Extremely comfortable.

Unbelievably practical, yet doesn't detract from its exterior appearance.

You can't really call it an estate, because it's far too good looking.

Better looking both inside and out than the E60 that replaced it.

Quite economical for a 3-litre engine (similar consumption, if not better than my 2.8 convertible)

Faults:

Nothing.

General Comments:

I am properly pleased with this car. It is my third BMW in recent times and my second 5 series. The three litre turbo diesel engine is just incredible - you really wouldn't know it is a diesel. The car is very fast with stunning mid-range acceleration.

The overall build quality is second to none. Much better than a Merc or an Audi. I have quite a few toys - though bluetooth phone kit is the best closely followed by the automatic wipers which actually work as advertised.

The sport package has some nice detail touches. My car has the optional 18inch wheels on top of that with 40-series profile tyres. This makes the ride a bit solid over the potholes - it's probably a bit too stiff and does tramline a bit on very bad roads. It's great on Motorways though.

The fuel consumptions has been 37mpg so far, which is very respectable. Almost exactly the same as my old 525td 5-series (E34 shape) and actually little worse than the 118d I used to have.