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Welcome abord. I wish you lived nearby (chatham, NJ), so I could borrow your garage. Wife is the driver, me the mechanic.
If your car is not turbo-charged, then basically there is nothing (except the dusty front wheel if you run Volvo pads) you need to worry about, especially being a car nut like you. Even the unmodified high pressure T5 has very little problems (under reasonable operation, of course). The only issue would be the handling (I bet you've probably noticed) as compared to your BMW. The car is really running like a boat.
There is a recall for the headlight unit and you can ask the dealer to install a set of relays to cure the issue of frequent burned light bulbs. Another good site for S70 owners is volvospeed.com. Good luck!
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JJ
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