I do prefer the 500 over the 320 in the W140, is much more powerful, smoother, and in the States at least, you STILL don't have to worry to much about fuel costs.
Anyway, fuel costs also depend on your type of driving. I have a good friend who owns an S320 and when we go to the beach my car actually gets BETTER fuel economy over his. In town driving the story is completely different, though...
In terms of maintenance, if the 320 has all of its weak points taken care of already, it should be easy to mantain.
What you have to take into account is the general maintenance of a W140, which is NOT cheap. Anything that could go wrong (and believe me, sooner or later something will go wrong) is going to be expensive to fix.
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A. Rosich
CL 500, 1998 
S 500 L, 1998 
E 320 T, 1995  [Sadly sold  ]
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