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I'm in the same position. I love the looks and the drive of the E70, but since this will be my daily driver, I do not have the paitence to deal with frequent trips to the service department.
I'm OK with the few bugs I've had in my M3, since this is a full on performance car, but the X5 is an SUV and as such BMW should strive to make dependable.
My Land Cruiser has provided me with 5 years and 112,000 miles of completely problem free driving without a single visit to the shop. Last time it was at the dealer was the day I bought it.
The only BMW that ever got close to Toyota reliability was the E46 3-Series. I wish the X5 was just half as reliable.
Anyway, it's a sad day for me. I really like the E70 and have anticipated getting a MY08, but I believe I'll pass and just stick with my M3 for fun on the weekends.
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Carpe Diem
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