City driving where you're coming out of narrow alley with zero visibility on either side - helps you see pedestrians/cars by just peeking the nose out. If you're not driving in a large city, probably useless for you.

This feature has been available in Japan for a while on basic cars. I remember 4 years ago seeing that the Honda CR-V over there has about 6 cameras, including this feature (plus their navigation systems all talk to each other for advanced traffic rerouting).

Somebody over at Bimmerfest said the latest update from his dealer was production starting in the first week of August - so maybe a bit sooner than expected.