My dad has a 740i from the year 2000. It's a very nice car, he hasn't had any problems with it and he has around 70,000 miles.
The only concern he has with his is the width of the tires, they seem to cause a driving problem at higher speeds. It seems that the car will 'track' the ruts of the freeway and will pull you from side to side. It's not a violent thing, but it's uncomfortable to deal with for long trips.
The car overall has plenty of power, great to drive in city and moderate drives.
No matter what they say, BMW's are ALWAYS better (especially my m42)