S54 has tons of character, individual throttle bodies, sound, revs. Find someone with a Z4M who will let you drive it a bit harder and then you will know for sure. This is not something you want to do on a whim only to find out it wasn't worth it. That said, I doubt you'd be LESS happy with the car though your wallet may be.
I have an N52 equipped 128i and there is no comparison between the engines but I realize there are not so insignificant differences between the Z's implementation of the motor but if it helps there's no contest in my mind between my two BMW's. The S54 is incredible and arguably more enjoyable than my 991.1 around town (at 70+ mph though fun in the Porsche takes over).
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