The BMW 1-series isn't my cup of tea but each to their own, eh?!
As for the Prince engine, I haven't experianced one in the 1-series but have in the Mini and many times in PSA Peugeot Citroen range of vehicles. Great engine with decent performance and fair enough MPG figures. One thing I would recommend is to use Premium fuels as oppoesed to regular petrol as in a few cases I have worked on has seen the engine write itself off within around 30,000 miles as a result of poor fuel quality.
Timing chain were an issue on the 1.6 Turbo Petrol engines, not sure if this is the engine you are going for...
If you do go for the turbo petrol, watch for carbonisation issues on the inlet valves. Expensive to put right and usually caused by constant short journeys, much like diesels.
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