BT Audio streaming for the X5 was introduced in October 2010.

You can retrofit the unit (if you wish). But you would loose BMW Assist capability.

If you want a 3rd party solution ... buy a $40 blackberry audio gateway from amazon and plug it into your Aux port. It will give you BT audio streaming .. although no control.

Display of album art was again introduced in October 2010 (for the x5), and is only available for external audio sources (iphone, usb stick), if the device is physically connected via USB. This is not supported over BT.

Finally, because the OP cars was manufactured in August 2010, it does not support software updates that can be carried out by the customer. So you will never see a update posted for your car. Sorry.