Originally, I didn't see the point of spending so much for the 4.8, and I tried to convince DH to go for the 3.0. Once he test drove the 4.8 there was no changing his mind, and after I drove it, I had to agree. It's a blast, and I'm so glad we didn't get the 3.0.
Of course, we live in Germany, we travel a lot, and we get to enjoy it on the Autobahn...if we were living in the States, and only comuting to work each day the 3.0 would (probably) be fine. Right now, I love the 4.8 so much, it's hard to be objective.
FYI: the new issue of Bimmer magazine has a review of the E70, and the author prefers the 3.0.