We had an X3 with leatherette as a loaner. It does not feel bad, but you can easily tell it is not leather. It is stiffer, rougher, and not as soft as real leather. I like the idea of the leatherette, but I doubt it breaks in as well as real leather.

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2004 BMW X5 3.0i - Mine
2011 BMW 328i xDrive - Hers
2002 BMW 325xi - waiting for a new owner