Hi Thom! Where in NJ are you? (Nevermind, just saw Belle Mead) I have an '04 X5 and I added the factory Aux in and factory satellite radio. The units are still available from BMW for about $250.00 and it comes with 1 or 3 months service. (not sure which). If you want any more info about it, just let me know.
Al.
This is what it looks like on the MID when you select it using the "Mode" button. Then it just displays the channel of your choice.
IMG_1532 by
Al, on Flickr