I looked at all the E89s when I decided to purchase one. There is much more in common with all second generation Z4s than their differences.
Might be useful to ask a few questions of yourself.
Are you planning to keep the Z4 for a long while, more than 2 years ?
No/Don't know/yes
Do I like altering / tinkering with cars?
No/ a little / yes
Am I willing to invest /update the car?
No/ maybe / yes
Can I cope with unexpected costs?
No / maybe / yes
Do I need a 6 cylinder car cause it has 6 cylinders?
Yes / maybe / no
Do I want the 'extras' auto, cruise, Hi-Fi, idrive/PDC?
No / not sure /yes
If your answers are mostly the former then you would be better off with an early 23i or 30i manual, if your answers are mostly the latter then you should maybe think of 18i/20i/28i with lots of options, get it re-mapped and look at the cam chain issue.
I drove all the versions over a 4 month period on the same rough 40-50 mile test drive and for me ended up getting a 20i Auto and getting it re-mapped. I've got it booked in with my local garage to get the camchain and a few other bits done, as I plan to keep it and don't want to be spending more money in the future. I have flying as m new hobby which is burning too mcuh cash.