As stated in a news article The new BMW Interface for iPod will be available in July for owners of the new BMW 3 Series Sedans and Sports Wagons as well as the 5, 6, and 7 Series. It will also be available for the new M5 Sedan and M6 Coupe.

The next generation BMW Interface for iPod, said BMW, will allow users to incorporate their iPods directly into their car's sound system and make available the ability to sort their music according to their own playlists, as well as by artist, album, genre, podcast, and finally, a random selection of 500 songs from the user library. Artist, album, and song title will appear in the car’s display monitor.

Control features available through the integration can be accessed via the car’s existing audio system and the multifunction steering wheel. Options available for control include the ability to shuffle songs, skip between tracks and adjust volume.

The new BMW Interface for iPod works with all iPods with a dock connector and is placed in the car’s glovebox. The original BMW iPod Adapter will continue to be available for 2002 and later BMW models: X3, X5, Z4, and previous generation 3 Series.
So this update is not avaliable for the X5. And yes the artist and song title is shown. Watch the video.

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