Either way your resale value will be hurt by the new x5 bodystyle. I had the same problem. 4.8 or 4.6. In the end I went for the 4.6 because i drive a ton of miles per year. figured id save some money up front if Im just going to beat the hell out of it. Im not disapointed. MkIII is crap though, and no bluetooth. But that can be fixed. Go with the 4.6 and put the Dinan S2 package on it. and youll still save 10k vs. the 4.8

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2002 4.6is Dinan S2
Titanium Silver/Black Alcantara

DINAN
Stage 4 Engine Software
Automatic Transmission Software
High FlowThrottle Body
Free Flow Exhaust
Cold Air Intake System
High Flow Air Mass Meter
OTHER
CCFL Angel Eyes
Stealth XM Radio in ashtray : FM Mod
Pilot H3 Fog Bulbs
Cleared Headlights: Hi/Lo Beams
Hardwired Radar Detector
IN PROGRESS
Powerstop C/D Rotors: (on backorder)
W/EBC Red Stuff (F)
W/Axxis Deluxe (R)
Dice Ipod: Aux Input for XM
THINKING
SMG II
MK4
Bluetooth