Again, good writeup. I hate the 4 speed transmission in my E320 wagon. If you FLOOR the pedal, it will wind up in 1st, then go through the gears right. But who floors the pedal all the time? If you start off slow, then some jerk trys to pass you and you want quick power, too bad, the trans is already in second and it won't kick back down again! On the highway, the car feels quick, though not like a V8, I'm sure. Its actually amazing how nice the m104 is, though, when its already going 50mph or so, and just letting it wind...it sounds nice too. Its just that the transmission seems to blunt so much of that power, and its slow to kick down, etc. Love the brakes on the 124. The steering itself is fine, but the handling on the wagon? The w124 doesn't handle poorly, but not that great either! My 1996 Volvo 960 wagon that I sold (with the same 195/65/15 tires) outhandled the Benz wagon BADLY. It wasn't even close how much faster the Volvo could go through a curve. And the Benz has Michelin Pilot Primacy V-rated tires, too, while the Volvo had H-rated MXV4's. Then there is the stiff pedal with the "go" button as I call it under the pedal. When you floor the car it pushes a button which changes the way the transmission shifts!
Styling wise, the 124 is probably more timeless, but the 210 is a gorgeous car in sedan or wagon form. We have some friends with a 2002 E320 4Matic which they bought new, and so far it has been great. The modern conveniences it has (nav, Bose, digital displays, Climate, etc, glass moonroof, etc) make it that much more enjoyable, but the 124 feels so quality on the road. Not one squeak or rattle, everything is secure, tight feeling.
If one thing has deterred us from adding a 210 to the fleet it is the rust issues, and the 3-valve engines which have been said to not be as good for endurance.

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2002 Mercedes-Benz E320 4Matic
1995 Mercedes-Benz E320 Wagon
2005 Land Rover LR3 V8 SE
1999 Audi A8 4.2L quattro