I hardly ever post on here but occasionally lurk, and spend most of my time lurking on pirate. However, this topic caught my eye. I'm 19 and in college so take my advice with a grain of salt. It is real world experience though, not some test drive or my cousin's in law has one and loves it crap.
My mom has a 2004 BMW 330xi and my dad has a 2005 Nissan 350z, and I've put many miles on both of them. Both were bought used with less then 50k for less then 20 grand and both are 6 speeds. In everyway imaginable other then not having a backseat, the Nissan has been a far better car.
Performance wise, the Nissan spanks on the BMW. The BMW has a ton of torque and even being AWD wants to scrub the tires from a dead stop, however it doesn't have the top end. When the BMW quits pulling, the Nissan keeps going. Handling?? Your kidding right? I've beat on both substantially and the BMW handles like a dream for a 4 door sedan and gives much confidence to even the most novice driver with its super grippy AWD, but the Nissan will still beat it in the corners and pull in the straights. However the Nissan is less forgiving when pushed to its limits and will get tail happy quick if you're stupid.
Interior, sit in both. Notice the woodgrain in the BMW? its the only difference. Both have very nice interiors with leather and a great stereo. I prefer the instrument panel in the Nissan.
Reliability is the big winning factor for the Nissan. I dont know if every BMW is as unreliable as her's but we have literally poured THOUSANDS of dollars into that car. CV joints and axles, ball-joints, wiper motor, and numerous other things. I know you're thinking oh well sounds like normal wearable parts but WRONG, all those parts were within a year. Not to mention the sheer cost of BMW parts. Pads and rotors at the dealer, $650. The Nissan meanwhile developed a ticking in the rear end, took it to A nissan dealer, NOT the one we bought it from and they re-torque the axles for free. Ticking gone and not another ill sound has came from that car. It has been a wonderfully reliable vehicle.
I know it looks like I'm doing a lot of d**k riding on Nissan, but it's just a superior car in every way. The BMW is gorgeous (it's black) and when not broken runs good and handles great, but the Nissan does all that and does it better, bottom line. If you have no need for a back seat, forget about the BMW emblem and get the Nissan. You won't regret it.