Probably what it was ;)
I LOVE the LS. Its probably my favorite car on the road. Its what got me turned on to Lexus, I'll probably never drive anything else. If I'd been comfortable enough that I could handle the $1000+ payments I would have gotten an LS430. Basically what I set out to do was find the best car for around $40,000 that most closely approximated what I love about the LS, the smooth quiet ride, and the feeling of heft and quality. I drove just about everything in this bracket, including the GS3 Lexus and BMW 5 series (too sporty for what I was looking for) and by far the new ES comes remarkably the closest. When they say "Baby LS" they're really not kidding. I considered a CPO 2000 LS, but I have a slight character flaw that makes me want the latest thing, so I wanted to go with a new car.
As I've driven the ES more, and become more acquainted with it, I like it more and more. It rides great, not as smooth as the LS, but it feels lighter and more maneuverable. I hope that better tires will close the smoothness gap a little bit, I think they will. Its dead quiet, I think the LS and the ES are just about equal here. As for FWD vs RWD I can safely say that I dont really drive the car in such a way that I notice a difference. The FWD in the ES is very well done with no torque steer. What I miss most about the LS is the power.
I also think that the ES tends to fit more into where I am in life now. I'm still a 20something, and I suppose my girlfriend was probably right that the LS tends to look like an older person's car. I argued that the average ES driver is almost as old, but she is right, its a little less "staid".
If I had it all to do again, I'd definately get the ES as opposed to saddling myself with the payments on the LS. Next time though, when my business has grown more out of its youth, I'll probably get into an LS.