Every BMW I see turns my head, E30, 36, 46, 39...doesn't matter, I turn and smile at every one. If there is a chick in one I look some more. If she can drive, then game on...if not, give your car to someone that can. Get a manual! Guys like manuals, and girls that can drive them. As far as color goes...white, black, or red ;-) And as an aside, the E46 body style will not be outdated for a while, it still gets looks everywhere it goes, even BMW is not going to have an easy time converting everyone over to the E90.
"The Verdict: Every other manufacturer should give up building their own cars and just make M3's instead".
--Car and Driver