I heard the offical pics will be out in 2 weeks. Looks mean and muscular.

It will feature radar governed cruise control and night vision. An evolution of BMW’s x-Drive AWD system is in place, plus advanced wheel-by-wheel traction control.
Power is expected to come from two revamped diesel engines, a 3.0 litre six cylinder with 231 HP and a 4.5 litre V8 with 330 HP and from gasoline engines starting with a 3.0 litre six cylinder producing 258 HP up to a new V8 5.0 litre with 367 HP.
The new X5’s release is scheduled for October 2006, an M-version could be in the pipeline for later on.