I posted this a couple of years ago after a long torturous period testing setups. Jimbo did a lot more later and I've lost touch what the best is now. I reckon Bilstein/ Eibach will take some beating as an all round setup.

Unfortunately, I had to buy an M3 to make my Coop handle. Ride was pants though.

Has anyone replaced the rubber bushes in the wishbones with something less flexible like bearings?

They're good enough for the trailing arms at the back...

I'll just second the recommendation for Eibach/Bilstein setup - my own car has the following

Eibach springs
Bilstein dampers
Sparco strut brace
Nigel custom lower subframe brace
22mm Whiteline rear ARB

The car is much flatter through corners, has considerably less understeer than standard and the ride is not too harsh (the coupe is my only car and is used every day - I couldnt live with a really harsh ride)

However, if you're going to uprate springs/dampers, make sure all your other suspension components are in good condition - I'd recommend new wishbones, track rod end, droplinks and top mounts

Also, as has been mentioned, uprating the braking system is a good idea - I've got Red Dot grooved discs and fast road pads on the front - they are MUCH better than standard (lots of people run the 3G/Pagrid combo)