ED is European Delivery, where you go to Munich and pick up the car, you drive it around Europe (if you wish) and then it gets shipped to the US, you fly back and several weeks later you pick up the car again. It is cheaper and you get a vacation (if you wish).
Leasing - 2012 lease rates are not out and it is unlikely to be at $350 unless you get the base model with no options. Otherwise it is likely to be between $400-450.
For me as a 36 yo male a 328i was around $100 a month to insure in North Carolina.
Reliability - look at truedelta.com for some reliability data. BMW is around average. My experience with a 2007 328i was excellent, with no issues at all.
Hope this helps.

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E90 328i, Sparkling graphite with aluminum trim/terra leather, automatic, sports and comfort access.