leasing a new vs. owning a used

I bought a 330Ci last year (MY 2001). I put quite a lot down and termed a 60 month loan.. now, I'm a software engineer, and needless to say things haven't been good at work - there's no hope of a raise anytime soon, and it's entirely possible that a pay cut is not too far away.

Now, I did the math and figured out that I can sell off my car and pay back the loan, and have a bit of cash left over to lease a 2002 330. Of course, after 36 months I won't own it like I'd have owned my 2001, but I'd drop down the monthly payments by almost $250.

I've never leased a car before - this actually was the first new car I ever got. From a $$$ saving standpoint, is this a good idea to look into? Are there any caveats? I'm not going to mod a car, own *or* lease, so that isn't an issue. This may be a dumb question, but can you order a car (options/paint/etc) that you're going to lease?

Also, it'd be nice to get into a new(er) 330 anyway. 330s from early last year lacked some of the later 2001 330's options. (HK, for one). :dunno:

I'm at a loss.