Just thought I would say hello properly :-)
I have been looking for a W116 for a while and finally found a good one. I was originally after a 450 non 6.9 (http://forum.w116.org/shop/buying-a-450sel-in-oz-need-help/msg29763
), but after coming across a good 280SEL, I decided it would be a good first W116.
It's only got ~180000k's on it, most of the stuff works, no real rust that I could find and apart from stuffed seat springs, a small tear on the drivers seat, cracking wood panels, a crack on the dashboard top, the interior is very good. The paintwork is good save for a bit of cracking on one guard, some chips at the front and the usual scuff marks.
Mechanically it seems good apart from the air-cond not working and a noisy fuel pump (and whatever the workshop that is checking it over next week finds).
I plan to spend some money over the next few months to bring it up to the standard of repair and appearance that I am after.
In closing, I must thank everyone for making this forum such a good source of information relevant to these cars. The information here helped me a great deal when out looking.