I just moved from a 335i e90 to a 330i e90 recently and personally consider it an upgrade. The 335i was too much power on the street. The 330i lets you rev through the gears a bit more with less reprocussion (blue lights).
The fuel economy is also far superior on paper and even more so real world. I could not get past 24mpg with the 335i even with mostly highway driving.