I bought the car for motorway cruising, for this it is unbeatable at the price. At 8* MPH the revs sit nicely at about 2800 (not much stress on the engine, or that head gasket), use the cruise control at this speed and you should see about 30 MPG.
The car has been touted at times as a sports executive, but to be honest the steering is too lifeless to be able to give the kind of satisfaction a "driver" may be looking for, my front drive Alfa 164 had more feel. If you really want some driver satisfaction at the same kind of price I think a 1988/89 BMW 525/530 might be a better bet. I know that most Beemers command higher prices, but some can be found at about a £1000.
I paid £750 for my Senator and it has given me 5000 good miles so far, but I think that I should have paid a little extra and gone for one with a good service history, sounds obvious when I say it now.
The auto box is very good, the "sport" button on the gear lever allows a good amount of control over gear changes and can actually be quite pleasing to use. However, if I bought another one I would try to hold out until I found a manual with full specification.
The power to weight ratio is about 149BHP per ton, which is quite healthy. Those used to more normal cars will enjoy the performance.
The adjustable suspension no longer does its job, mine seems to be set to medium. The handling at this is actually good, the balance is neutral and you can it take down country lanes at serious pace. There is no real feel of drama though. I also own a TVR S2, which on the same roads at the same speed is a white knuckle adrenaline ride.
If you are looking for a high speed cruiser its the best for the price. If you are looking for thrills you will need to modify the suspension and live with the steering or look elsewhere.