I've owned both and have to say the Bimmer's reliability was atrocious. I've had the Z now for 5 years and other than normal maintenance have had no problems. Knock wood. Since the Z is a proper sports car and the Bimmer a sports sedan you can't really compare. I love the handling of the Z much better. I wanted a real 2 seat sports car and have no use for practicality. I hardly ever used the back seat in the Bimmer. God know how often it would have fallen apart if I hauled around 4 people instead of just one. German engineering my ***.
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