I have had a couple of 130i's and the 3.0si coupe feels like it pulls a lot harder and despite losing hydraulic steering feels far more raw than the 130i.
The S54 is a peach of an engine, I have had a few, but not the Z4, and it is one of my favourites, however, there is a but, and it is a big but for me, I hate the clutch on them, and the gearchange is pretty clunky too.
You can remove the CDV and put in Redline Automatic Transmission Fluid in the 'box which helps the gearchange, but the clutch is still heavy and a chore and that alone sort of writes off the Z4MC for me.
Then you have the steering, yeah it should be amazing, being hydraulic, but on the standard suspension and geometry I found it a bit too clunky for a road car, don't get me wrong on a really nice piece of sweeping tarmac it is lovely, but that is such a rare thing round my way that it made the whole car feel a bit of an effort, especially with the heavy clutch. When the roads are empty and smooth it is great, but for me I knew I would find an excuse to take a different car unless I was really in the mood for it. There is a fine line between feeling raw and feeling hard work, and as standard I felt the Z4MC was right on that line. I ended up buying an M3 CSL at the time.
To put that in perspective I used my M3 CSL as a daily for nearly a year so not opposed to using a performance car as a daily at all.
The problem for me was as standard the Z4MC did have quite the right balance, by that I mean it seemed to almost understeer a bit and then when the back end let go it really snapped. After M3s etc. I was really surprised about this, I am sure with a better geo set up and probably a square set up on the wheels it would be bang on, but I just found that trying to balance it on the throttle was pretty tough. I also think being so firmly damped didn't help either, which leads onto suspension.
Suspension wise I find the Z4c 3.0si is too firmly damped for UK roads, and with run flats it is shocking imho, at least the Z4M got non runflats and a decent sized sidewall profile to give some bite on corners that are not billiard table smooth.
I'm not saying don't buy a Z4M, if you are happy with the clutch the extra running costs will be offset by less depreciation, in fact I bet if you buy now you will see the price go up in 12 months, and it would be a hoot, but even the 3.0si will feel far more special than your 130i that I promise you. My 130i's were manual, my 3.0si is auto, but it still feels more engaging.
I would love to try someone's Z4MC now, a few years down the line when people have played more with tyres and geometry, and someone who has maybe sorted the gearchange and clutch out a bit. I reckon owners have got them dialled in these days and probably far more info about them there was when they came out to help sort out any niggles.
I reckon which ever you choose you will really like.