For those that are looking for options on Bike racks for 5 series....
After much research and help from the forum...I figured I would share my findings.

I had a trunk mount Thule rack on my previous car. It was leased...so I was not as concerned as I am now with the new 5 series.
I really do not want the rack on all the time, so my preference was to get a hitch mount that can easily be taken on and off.
I was not able to find a hitch for the 5 series. The main bmw.com site in the accessory section shows a hidden hitch...but the dealer told me that he did not have access to it.
With the hitch out...I went down the roof rack path.
First choice was Thule. Web site does not show a listing for the 5 series.
2nd choice ..Yakima. They show a listing.

Here are the components that are needed.
1...Q Towers ...part # 8000124
2...Q5 Clips.....part # 8000605
1...48" crossbar pair...part # 8000408
2...Lock kit...8007202
1 Raptor Mountain Bike rack...part # 8002085

The installation was pretty simple. Once it is all assembled it mounts pretty easily.
The rack mounts in the door pillars. There is an indent in the pillar to accept the rack's clips.
All in all...happy so far.

Thanks to all the previous post that helped in the research.......

 

There were a few others interested in Bike Racks too. See this thread http://forums.e60.net/index.php?act=ST&f=22&t=4814

Can you post some pics when you have a moment please as I'd love to see how it looks on the car.

 

I should have a hitch installed in the next week or two that is recessed and mounts underneath the trunk. It should be very small and only made for 1" bike racks.

I have ordered the hitch and will post photos when it is installed, along with contact info for the dealer and part numbers...until it is actually installed, I will remain a bit skeptical that it exists.

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'06 530i Silver/Gray, Prem, Prem Sound, Nav, Sport, cold weather, Stream's ipod install