Man, that's too bad.... Being a BMW junkie (like everyone else on here), I'd opt for keeping it and doing the repairs. The biggest problem looks like the front inner structural area of the fender may be damaged, which can be a real bitch to fix. the main thing to look for is the inner fender being bent, along with the cross member and stuff around the radiator. These cars are made to be cut apart at many sections and simply welded back together. Just a big labor bill. Everyone's right.. hood, under $200, fender under $100, door (I've got several) under $150, etc...
My 95 525 had similar damage, likely more judging by the pics.. it was totaled out almost 3 years ago w/ only approx 68k on it. I parted it all out due to the extremely bent up front fender/ unibody area and a slight bend in the roof of all things. Well, good luck and let everyone know what you intend to do. Many of us have tons of parts we're interested in getting rid of rather cheaply.