The parking brake behavior is exactly as described above. It's the same way the auto hold works as well, incidentally. If auto hold is on when the ignition is switched off, then the parking brake is engaged. In fact, the only difference in operation between the two is that moving the accelerator pedal will disengage auto hold and when auto hold is holding the vehicle, the brake lights are on.

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8/2011 X5 xDrive35d Sport, Black Sapphire Metallic, Black Nevada Leather, Fine Burr Walnut Trim
2/2001 M5, Jet Black, Exclusive Complete Black Walk Nappa Point Heritage Leather, Black Cubic Trim