I exchanged my 4 yr old 2.4L in Feb this year (for a Mini Cooper since I got the E90 325 in Oct08). It is a lot of car for the money. For many pax, the first remarks is "Wow, the back is spacious". It is an easy car to drive which I think is the biggest plus point. My son and dotter loved to drive it. The power to weight is good. It is one of the most reliable cars I've ever had. I have only had to change brake pads, brake disc and the battery. There are SC's everywhere. It is very comfortable for long journeys. There were many times when I practically drove the car on autopilot - without thinking and it get me home at the end of a tiring day. This is the biggest thing I miss about the car. The engine is refined. Its fuel consumption is very good but not city driving.
There are the following 4 negatives:
1. The beige leather seats and beige carpet. The are difficult to keep clean and the leather started cracking after 3 years.
2. Its width can be a little of a daunting when parking or maneuvering in tight spaces.
3. The engine is a wimp. It's acceleration is quite weak for a 2.4. Even an E46 318 can beat it.
4. The alarm and security system is useless. I got broken into and lost 2 laptops. They got in by breaking the driver side door locks. I heard that there were many similar cases.
At the end, it is not a BMW. It is an old man's car. Sometimes, I even feel embarrassed to be seen driving it. The acceleration is lazy. Its handling limits are low. It does not reward any attempt to drive it hard. It breaks away quite violently at the limit, it can be quite scary. But it's light weight does enable you to catch it, if you keep your head. I have skidded in the wet but managed to recover. So it will catch out an inexperienced driver. The driving proposition is very different. You actually have to mentally age when you drive it.
I hate the new shape. I think you're better off with a Camry rather than the new shape Accord. For that matter, I would rather go for the 2.0 Civic.
If I were you, get the 320i. You will not regret it.
P.S. My misus prefers her E46 anytime.
I sold it at half the price I bought it after 4 years. Same depreciation as my BMW. But the BMW seems to have better demand. A dealer says the demand for a 2.0 accord is more than a 2.4, simply because used car buyers can't stump for the higher price/insurance and road tax.