I'm coming into this discussion late, but I think others have said most of the pertinent things that need to be said.

The newer cars are faster and more refined, and for those who care, newer and to some more desirable to be seen in.

The 500E-E500 is MUCH more of a sleeper -- a "for those who know" type of car a la the 6.3. It certainly is better built and retains the "old school" feel of the old MBs much more than the newer cars. Also, it does have pedigree -- just different pedigree than the AMG cars.

For a daily driver, I would think that an AMG would be perhaps a TAD easier to live with, but then again, I use my E500 as a near daily driver, and daily drove a 450SEL 6.9 for nigh four years !!

For many people, newer/more modern is better and this is a hard point to argue for a 500E.

On the colors issue, yes, Pearl Black (199) is by far the most common color, with silver being second and black probably being third or fourth most common. Now, I'm extrapolating 10% of all US-imported cars that I have to the full 100%, but it's enough of a sample to guarantee some accuracy. I like both Pearl Black (my car's color) as well as the 040, which I like a bit more. But 040 Black is more difficult to keep clean and shows flaws more readily. You really can't go wrong with either color, but I would say that 040 stands out more.

Good luck with your search. There are a large number of cars to choose from right now on Autotrader.com. I would recommend spending at least $20K as a minimum guideline to help weed out the worn cars from the nicer units.

Cheers,
Gerry