Yes, the newer module will work perfectly. The difference is that the newer module comes with a 1 year Sirius subscription. It should only be about $200 more than the old part was. Part number 65.12-0 416 377 should be about $415 from a good BMW dealer with discounted parts. To be 100% perfect, you will also need one of the installation kits, depending on whether or not you have navigation. The install kits should be under $50.

84.11-0 390 240 Install kit for cars without navigation
84.11-0 390 943 Install kit for cars with navigation

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2000 E38 750iL Highline Edition, Upgraded with the lastest 2006 X5 Electronics
MKIV Navigation, 16:9 Display, Bluetooth, TV/Video with Backup Camera, Sirius, and Aux Input