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I had an E46 3 series convertible in Steel Blue, (very similar to Blue Water). It was sharp looking. Some of my friends thought it was a little "feminine" looking. All I can tell you is women LOVED it. So if you like it, and women like it and keep coming up to you talking about how nice it is, how's that a bad thing? That being said, colors are a very personal decision, so good luck in your search, and have fun with it.
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