I really appreciate the "snug" feel of the E39 cockpit, but overall the car feels like a sedan, in a good way! I remember when I purchased my first E39 (a 528 5-speed) in 1998. I had recently returned from a 2 week trip to Europe, where I had driven a Audi A6 with a manual 5-speed transmission. Determined to get the car, I was disappointed when I found out I could not buy a manual A6 in the US (this later changed with the 2.7T model).
My wife suggested that we test drive a BMW, and when I first entered the cockpit I loved the enclosed feeling, different from any other sedan I had been in.
Sorry for the long-winded reply, your question triggered a pleasant memory!