I put some Axxis (formerly Repco) "Metalmaster" pads on my wife's 300E and there is no dust (compared with OEM) and no squeal. I haven't had them on long enough to assess their influence on rotor wear, but the feel and the performance are great. I have EBC "green stuff" kevlar pads on the front wheels of my wagon and they work pretty good too, but they give off more dust than the "Metalmasters." A lot less dust than the original OEMs though. The EBC dust is lighter than OEM dust so now I can go a full week before having to wipe down my (wagon) wheels.
You might also want to look into Porterfield's kevlar pads. Expensive but most users like them a lot.
92 300E (Black/Grey interior: wife's car)
94 E320 Wagon (White/Saddle interior, Eibach springs, '96 E420 16 x 7.5 wheels)