Hi Bizfish,
The others have covered it all I think. I bought an ex demo 4/4 Sport a couple of months ago as my first introduction to Morgans, coming from a Z3 and Z4 background. VERY different!! Like you, the 4/4 attracted me with its narrow wheels/body etc and I also wanted a more "basic" car on which to make various improvements and make it my own.
If I'm honest, it took me a while to come to terms with the car, the feel of the ride, the brakes (compared to my BMWs!) and the noise never mind the worry about how the traditional roof would fare in a downpour! Funnily enough, the lack of power compared to my previous cars didn't turn out to be an issue as the car is so light.
It took me a trip around Scotland after a month of ownership for it all to drop into place. It's back at the factory now for a couple of weeks for some niggles to be sorted which would have bugged me with the BMs but I just see it as part of the Morgan experience (and an excuse to have another look around the factory...luckily just down the road for me

) And I'm really missing it and I realised that its the first car I've really ever bonded with!
If you can, do have a factory visit and try out the cars before you make a final decision, they may at first glance look the same but each is different. Good luck!
PS. I meant to add, I've been to a couple of Morgan Club gatherings and what a nice bunch they are! So different to some of the other clubs I've been a member of and must say something about the typical Morgan owner!