If you are using an Android device - then get Bluetooth adapter. It works great with the Torque app. For the Apple users - WiFi is the only option since apple Bluetooth does not supports serial protocol. I am personally using cheap WiFi adapter with iPhone and premium version of OBDCarDoctor app. yes. You can access some of the live data on BMW and clear codes. Good basic tool for quick diagnostic of common, non BMW specific problems.

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2012 X5 x35i My new toy
2005 X5 4.4 Her's (Retrofitted Servotronic Steering Rack)
2003 X5 3.0 Mine (Retrofitted Servotronic Steering Rack and Heated Steering Wheel)
2001 M5 Son's car
2000 540i 6sp Sports pkg, supercharged. Son's car (Sold)
2001 530i (Sold)
1999 528i (Sold)
1975 2002 (Sold)