I was just looking for info on this same problem. I have had all the lights on for almost a year. I just had a new tranny put in and new brakes on my 2001 X5 4.4 (82k miles). They replaced one brake sensor that looked bad, but the lights are still on. This was not an authorized BMW dealer, so I guess I should take it in to get the fault codes.

The new tranny has an issue that I think is computer related (company who put in new tranny doesn't feel it is their problem) and sounds like it could be in corrrelation to these abs lights coming on. When I step on the gas hard, the transfail safe lights come on and it feels like I am driving in 5th gear. When that happens, I can't use the steptronic. If I don't step on it too hard, all shifting works fine and steptronic works fine.

Is it possible that with the ABS and DSC lights on, it is affecting the transmission as well? I am hoping maybe it is another brake sensor that needs to be replaced and all will be fixed.