I've owned S500s, 7-series, A8s, and an LS 430. After my latest car ('04 S500), I decided to give Lexus another try with their new LS 460L. After owning the car for a few months now, I've come to realize why it is so much cheaper than its claimed competition (S550, A8L, 750Li.) The performance, attention to detail, driving technology advancement, luxury, and style is sub par when compared with the German makes. After switching between my wife's 745Li and this car, I definitely notice the small touches with the BMW that add up to huge diff. (i.e., driver oriented controls, smoother/wider power band, brakes that automatically dry themselves, power closing drs, etc.).
Comfortable, quiet ride, nice sound system.
Braking performance is terrible compared with my wife's BMW (is even worse than my friend's Range Rover), bland styling, not as solid/heavy feeling as my old MB, maintenance is more often and not free like with BMW, handling/performance leaves much to be desired.