http://www.bmw.com/5series has been updated. There is new information on the Bluetooth feature in the new 5 Series. Bold is mine:

The optional Bluetooth interface enables you to immediately synchronise your Bluetooth-equipped mobile phone with the 5 Series Sedan's on-board database. Telephone numbers, addresses and call records are instantly saved. Thanks to Bluetooth's wireless network abilities, you can effortlessly configure your mobile phone for use as a car telephone, including cable-free connection to your 5 Series' hand-free communication system and multifunctional steering-wheel control. Your BMW dealer will be happy to provide information on which mobile phones are compatible.

The downside

However, unfortunately there appear to be some signficant constraints that frustrate me to the bottom of my pants!!!!!!!!!!!!!! Come on BMW, get your act together. This is starting to look amateurish.

Man... I'd choose Bluetooth over BMW Assist any day. I don't want BMW Assist anyway.

Sure, but read the PDF file again. Do you have a choice?????