An e53 with 200k miles will feel as good as it's been maintained.
Any vehicle that isn't maintained...will slowly degrade not just in looks, but also in driveability and handling if the suspension, steering, tires, & wheels are allowed to degrade.
For example, I just got back from an approx 500 mile trip...and I drove my (17 yr old) 1997 e38 740iL...and the ride was just as great as it was 11 years ago (since I didn't own it from 1997-2003...I can't speak for those first 6 years).
If the steering linkages, bushings, shocks/struts, and other items like alignments...that need to be maintained are taken care of...the original quality should be the same.