My steering wheel has exhibited the problem you mentioned since I took delivery (Feb 2007). The wheel moves down insted of up when turning the ignition off, and will not move back to the original position when entering the vehicle. I have been waiting for a new software release to bring the car in for this problem - I think I will wait a bit longer now....

__________________
2007 X5 4.8i (PCD Feb 2007)
Monaco Blue/Tobacco/Bamboo, Sport w/ 20" wheels, Running Boards, Premium, Technology, Cold Weather, Heated Rear Seats, Premium Sound, Comfort Seats, Comfort Access, Sirius