I've had Blizzaks for 8 years now. They're awesome in everything from deep snow to ice. The downside is that you lose a lot of steering feel and they're a bit louder and get less MPGs. If you need the best winter traction you can get w/o studs go for the Blizzaks. But if you want some handling too, get a "performance winter" tire.
I've owned several sets of blizzaks and they work well. I've always felt that snow tires are for snow, and that I have never and will never care about how great a snow tire performs at high speed (beyond basic water evacuation). Given my expectations from winter tires, the fact that snow tires are made of a soft compound, and the understanding that tires are your best friend and always will be... my recommendation is for any decent snow tire with ok water evac. My blizzaks weren't bad at $100/tire, but you can definitely do better than that price. Don't buy expensive tires because no matter what you are going to wear them out quickly.
I put Pacemark Snowtrakkers on my '99 323i and have had great performance with them. Awesome deep snow grip, good wet grip not that noisy (I keep radio loud!) crappy on ice but what isn't. Those tires were BEEFY when I put them on and like the Blizzaks I Had before the sipes were movable but of harder compound. FYI, my Blizzaks lasted 3yrs, really great snow tires but too expensive for me. The Pacemarks have lasted 5 years and would be fine this year but I bought studs for my '86 and plan on driving that instead. Bonus, Snowtrakkers I bought were studdable depending on your area, although Pittsburgh isn't bad I work at funny hours and roads can be questionable. My cost for 195/65/15 size was $38 not incl mount and balance ( dealer cost). I think they're like $50 each now for list.