Well we've had an E34 530i and i have to say that it was a great car. It has the same power as the 535i (160kw) and revs like a banshee. The fuel consumption is great and the engine note superb.
They're both fine cars (the 530 and 535) but the 530i's are younger so that is important IMO.
And Elussive, are you referring to the 540i Limited? Because that is one AWESOME car. Adjustable suspension, stonking engine, and the six-speed 'box from the E34 M5! My dad's mate has one and, well, I like it better than his Ferrari 348! Need I say any more?