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Here is an entertaining video of a V8 E39 M5 compared to a V10 E60 M5. And honestly, the guy has a point.
There is a very distinct difference between the two. The way they deliver power. From my experience, the E39 M5 packs a punch early on while with the E60 M5 you have to wait for the torque to kick in at high RPMs.
My question is, what does everyone like more. I honestly prefer the E39 lower end torque which makes the car feel more alive quite honestly. If I had 100 more hp and newer in-cabin technology, I would pick the E39 M5 over the E60 M5 every time!!