Does/did the 325i have brake cooling ducts?
If it was a temperature issue, you'd notice it the first time you tried to apply your brakes cold too. So...do you?
Pretty simple test either way. After a good 20-30 minutes of no brakes in the rain, give the pedal two quick taps, and then lay on. Good brakes = water, delay = temp.
EBC kind of hints at it, i will see if i can find my original sources from a few years ago.
more edits:
here's a thread based on similar "symptoms." Like I said, these discussions are common for E36M guys, basically anything with cooling ducts.
http://forums.bimmerforums.com/forum...ht=rain+brakes
http://www.e90post.com/forums/showthread.php?t=409511
apparently new BMWs are equipped with a brake drying function, basically quick pulse on the brakes timed with the wipers to clear water off.
apparently also exacerbated by more open wheel styles....5 spokes, etc.