I have a MINI Cooper S with Sat Nav and Bluetooth... I bought it on 15/08/2006, so I think it has the last BMW Bluetooth module installed (European model, Spain), and my P990i works perfectly with it.

The contacts transfer automatically each time it connects. The first time it took a while, but with 200 contacts (more or less) it worked for me...

Can't say about the sms... but I think it works too... I will give it a try...

Bye....