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I have been considering this question as well since I was thinking of a change from my '90 LS400. I appreciate the older lines as well of the LS 400 but some of the newer 430 features cannot be overlooked.
As I am sure you have already read above I agree the body lines of the late-model LS400 are more favorable as opposed to those of the first-gen LS430. However... The additional features gained with the LS430 make up for it in my opinion. The more I drive my 02 LS430 the more and more I like it. A LOT of vehicle for the money.
Others have stated LS430 does not handle as well as LS400 but I can not agree with that. Mine handles VERY well and, having driven it in the EXACT SAME places I drove the LS400 I find it handles as good or better than the LS400. I did some research for slalom speeds of LS400 and LS430 and the differences are negligible and likely due to discrepancies in the multiple testing environments.
I suggest you drive a late-model LS400 and then an LS430 and let the car make your mind up for you...