I recently bought a 1995 325i with lots of ///M and Dinan bits to replace my civic, so far it has been much more reliable, cheaper to maintain and keep on the road, the fuel efficiency isn't all too bad, and with 231 hp and 255 lb/ft of torque it's much more fun to drive than most Hondas I've driven. Don't forget RWD, too.
If you decide to go the E36 non-///M route, the "Technical Update" OBDI engines from 94-95 (M50tuB25) tend to make a lot more power and have more room to grow comapred to the OBDII engines (M52B25) unless you get a 98-99 328i (M52B28) which is the closest thing to an ///M3 you can get.
Parts for the 90's Bimmers are pretty cheap and readily available, and if you know basic mechanics they are very easy to work on yourself. In my experience there is much more reliable and accurate technical information on the internet about BMWs (especially 3s and 5s) when compared to Civics, so if you do have any problems you can more often than not trust the info you find.
Another thing I find fascinating about owning a Bimmer is that no matter who sees it, be it a young person or an old timer or someone into cars or could care less, they all respect a BMW. Nobody respects a civic/civic driver unless they have one... or drive a Geo or something.
Edit: I pay $52 a month for liability insurance on my E36 sedan; that's with a 10% defensive driving discount, a $100/year student discount, and a perfect driving record.