If you're looking for a comparable ride & noise level to the PS2's look at the Pilot Sport A/S+. Not really any cheaper, but they'll last close to 50k miles which is a good bit more than the PS2's.
I've had both PS2's & PS A/S's in 235/45/17 on my '95 540 M-Sport. Ride is very slightly smoother on the PS2's. Noise level seems about the same.
I'll probably go with the A/S+ next time around just for the longer life. I like the PS2's slightly better, but when they don't even last half as long and cost the same it makes me question whether that last tiny bit of dry pavement performance is worth the hugely extra cost.
Have also heard that the BFG G-Force Sport's are good in that size on an E34 M5. And I do really like BFG tires (they're the same company as Michelin anyways), but haven't tried the G-Force Sports out yet.
Cosmos Black/Black 1995 540iA M-Sport
BMW Individual Exclusive Edition, 1 of 65 total, 9/25/95 Build