I recently picked up my 328i Sedan with Sport and Cold Weather Packages and as with the other BMWs in my family am supremely impressed. BMW still is able to capture that essential quality that makes a car the Ultimate Driving Machine. From the good gas mileage to the silky smooth 6-spd manual, the 328i with sport package captures BMW's excellent handling characteristics at a relatively affordable price. All in all I am hugely impressed with the 328i and would in fact take the weight savings and naturally aspirated engine over the turbo motor (having only owned naturally aspirated BMWs in the past and having a very bad experience with a 1986 745i Turbo).
Handling, gearbox, standard stereo (10 speakers - I didn't even know I had that many), engine, gas mileage, styling, tires.
Tires - I say tires here as well as in favorite features because the standard Potenza RE050A's have great grip, but their runflat nature is simply too harsh for beat-up roads like in suburban NY where I live. The only let down are those run-flats for their unrelenting harshness.