I did this swap for my '08 M3 and it worked fine. For the M3's people found that the software had to updated to the latest version and you had to have the version that has the 6 buttons that you can preset. It was a little over $400 for the trim and controller but I like the way it works and it cuts out one step for many functions.

One issue may be that a couple of months ago BMW stopped letting dealers sell the controllers and the trim was hard to come by. I don't know if this has been resolved but you may have to check with several dealers.

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2012 F10 550xi Carbon black/oyster
2011 E92 M3 SSII/black
2012 W166 ML63 Steel grey/porcelain
2007 E93 monaco blue/beige (retired)
2010 E70 35d Space grey/saddle brown (retired)