I don't know what kind of a person you are, but with me - I was dissapointed by the Z3's power and handling, and upgraded to an M model within 6 months. Lost quite a bit of $$ on that little "mistake," but don't regret it I suppose.

Go for an M and don't look back. If you're short on cash, the 99-00 are a better deal if you want to go F/I - The S54s are catching up, but very slowly.

I personally believe the 99-00 (S52 engine, 240hp stock) are a better driver's car, while the S54 is a better showoff/highway car. If you enjoy driving, test drive an earlier and a later model and then decide.

Good luck! And yes, they are hideous, but I love em. The Z4 M Coupe looks like a 240Z - BMW did a better job of forwarding the Nissan Z line.

PS: If you can wait until next year, when the new Ms come out, the price on both S52 and S54 coupes should drop like a rock. A lot of the current M Coupe guys are planning on moving up.