With ownership of an 28i for over 2.5 yrs and 25K miles - I agree with most of the above comments. For reference I had an E92 335i as my previous car.
In the 335I I was averaging 24 Mpg whist in the 28i I getting 32 Mpg with some sprinted driving. Driving a like miss daisy I can achieve 55Mpg on motorway drive not exceeding 60Mph.
I found the E92 335i bit of an heavy weight with turn into corners - but the 28i is much more nibble drive.
In reall life driving the 28i is very similar to a 35i - however in certain aspects since the 35i will overtake easier since the increased displacement and torque levels - without modifications.
If you modify the 28i with an remap or piggy back - then its quicker than a 35i - but it be more down the to driver than car. As mine was only 1/10th sec slower than an 35is. In driving encounters a 135i is equivalent to mine up to 70 mph - however the 135i would start to pull slowly away.
I would not upgrade to an 35i - but 35is yes - but waiting for the new Z with the 4.0i engine
Cost of ownership - I estimated I would be saving around £2,000 a year - but I am not doing as much driving as I was - so in reality saving a £1,000 in running costs per year.
The only drawback with the 28i is its not have a sweet sound of an 35i or 35is - but post 2012 cars have lost the tappets & chatter sound that some of the earlier cars suffered.
On paper - it ticks all the boxes - you can have your cake and eat it
As I drive an 308Bhp sports car - that is frugal and great fun to drive.