willy_manilly - Hi there, that cable you have circled next to the iPod connection is the Antenna port for the Inbuilt Tuner, not an External Mic Port

Which such as my internal mic sucks ass inside my E39 Hooligan unit. I got mine 2 days ago so it should have all of the updated stuff on it and still no Mic

Is the Antenna port you are referring to a 3.5mm EARPHONE JACK LOOKING CONNECTOR? (Female?) I was informed that other Hualingan units (non E53's) had TV Antenna connectors looking similar to the GPS Gold colored plug. I'm just making sure. Thanks by the way.

How's the audio quality of the internal MIC? I'm planning on dismantling the thing and rewiring the MIC! I'm 2 steps away

Try using a smaller SD card - a 2gb or 4gb. I think these units were not built to take in big sd cards.