I've owned the same model since new. I'm able to achieve 26.9 mpg on long freeway trips at consistent 65 mph; I don't bother checking local driving for I know it will be lower. The EPA for this model was 20 and 27 mpg.
I installed Bosch Platinum plugs - pre gapped with two grounding electrodes. They work fine but so did the original Bosch conventional plugs!
You should know that this model had a recall for its side door airbags in July 2000. You can call MBUSA to check if this update was done (free) to your car.
The only thing that I've noticed is that the car's front wheel toe-in really affects its steering and tire wear. Check the toe-in if you notice that the steering seems "squirley" at low speeds or that the tires are wearing excessively.
Otherwise, the E320 is a fine freeway cruiser that will give you a lot of satisfaction.