My wife's car is an e39 540i Touring, 2000 model year. All Touring's are 5-speed auto trannies (in the US-spec version), and most were equipped with the Sport Package, which drops the ride height about 1-2 inches. The Touring's also had standard self leveling suspension, and did not have the 9 inch rims on the rear because the rear suspension is different than the Sedan's to make the load floor wider.
We have about 60k miles on it now, and it's been a joy to own so far. We've never had a problem with the VANOS, most consider it a plus because you see better fuel mileage during highway cruises.
We've had a few things break; the fuel door sensor, and a couple of other things that were so low level I can't remember what they were. There's a nagging coolant loss that I haven't been able to trace, loosing about a pint every week of so. It's about time to replace all the hoses anyway, so that may cure it.
All in all, e39's are fast, quiet, extremely solid; and well worth owning.
As always, your mileage may vary.