I test drove the 135i recently. I was rather impressed with the overall package. The car handled quite well, braked incredibly well, and the 3.0L turbo motor has incredible torque starting at around 1400 RPM's. The fit and finish is typical of what you see in BMW's of today.
It was difficult to push the car with the BMW salesman sitting next to me. Additionally, the car had automatic transmission with paddle shifters. I would much prefer to drive the car with the 6 speed manual.
Overall a nice little package from BMW but at a rather hefty price. My local BMW dealer is not dealing on the car at all. It's sticker price and that's it. My plan would be to wait 6 months/to a year and I'm sure they'll be plenty of deals for the 1 series as well as plenty CPO vehicles available.
One thing to keep in mind; despite its' small stature this car is no econobox. The car requires premium gas which is currently well over $4.00 here in NYC.