I was in the same boat as the OP. A couple of weeks ago I took home a brand new 2012 CTS-V wagon (fully loaded Diamond Black Edition w/ a 6sp manual) for 5 hours. Drove it around and hit a few freeway onramps and generally got a good feel for the car. Here are my thoughts on the car in no particular order:
Drivetrain was impressive primarily because it was torquey and getting into 2nd gear wasn't as much of a chore as it is on my M3. I was surprised silly when I hit the rev limiter in 3rd gear - I didn't expect a pushrod V8 to be that smooth up top. That motor didn't seem like it was running out of breath at all.
Power wasn't as overwhelming as I expected 556hp to be but that could be because it was a new car and the motor hasn't loosened up yet. And the fact that it was a very quiet car.
Handling for something of this size and weight was very impressive but I like the steering of my M3 better - even if the weight might feel artificial at times. I felt the CTS-V's steering to be a little too light for my tastes.
I liked the switch gear and overall fit and finish on my M3 much better. CTS-V stereo was good but navi didn't have the "follow the arrow" mode that I like to use. Some of the buttons in the center console weren't perfectly lined up either and just generally felt a little cheap.
Brakes were pretty damn good.
Clutch felt 3x heavier than my M3's. Getting back into the M3 I slammed my foot down on the clutch so hard I thought I broke it.
I loved the power operated rear hatch door and the cooling function of the front Recaros. Main problem I had with the Recaros was that I couldn't get the side bolsters to hug me as tightly as my M3 seats. That meant that I had to use my legs to stabilize myself a bit more in the hard corners.
The deal they offered me was a straight trade for my M3 with the same payments I'm currently making on the M3. The difference was that I had a new 60 month loan so I was basically writing off my prior 11 months of M3 payments as a lease.
After having the car for 5 hours, I returned it and got back into my M3 and it just felt so much more precise. I'm thinking broad sword vs. katana. Both will get the job done but they go about it a bit differently. Bottom line is that while I liked the car a lot, I realized that I was more in love with the concept of a high HP, capable handling wagon than I was in love with the CTS-V itself.
I'm sticking with the M3.
And hopefully BMW will come out with a F10 M5 Estate in 5 - 6 years when I can afford one.
Took it home to test fit it in my garage...
