I'd wait until this dropped down to the requisite $100k limit (a quick search revealed examples available for as "little" as ~$117k):
I think it's much, much more beautiful than the 550; it's quicker than the 550 in all respects except for top speed (0-60 in 3.7sec, 192mph, 0.98g, 'Ring time that is 18 seconds faster); it's more practical than the 550 (back seats suitable enough for children, even has AWD for snow driving); it'll be more dependable than the 550, no matter how reliable the 550 may or may not be, partially because Porsche has a reputation of building generally reliable sportscars and also because it's just plain newer than the 550; it'll likely be cheaper to fix than the 550, even if it isn't particularly cheap-to-fix itself; and it's less of an attention whore than the 550.
Did I mention I think the 550 is one of the least-attractive Ferraris ever built, or that I don't like any post-1970s front-engined Ferraris?
If you guys think the "wait for the car's price to drop" thing is unfair, then switch it to the 996 Turbo. Most of what I said will still stand, though the 996 doesn't beat the 550's performance as badly (still 11 seconds faster around the 'Ring), and you can take out one "much" from the first part.